Sam owns a home, but rents it out to make money. Which Freedom is illustrated?

Freedom to own, use, buy and sell private property

Which of the statements best describes the way that the U.S. economic system functions:

Individuals & Business make decisions & Government regulates

One difference between private enterprise & other economic systems is in other systems, workers

may be prohibited from improving their standard of living

Which of the following is a benefit of the freedom to own private property?

It encourages people to save and to invest

Individuals put a limit on their own economic freedom by

making personal economic choices

One result of freedom in the marketplace is that

people can buy anything they can afford and is legally sold

Private enterprise is based on the idea that everyone is better served when

individuals are free to set their own goals

Why are entrepreneurs important in a private enterprise system?

They encourage the development of new products

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EC-015 People Power (The Private Enterprise System)

20 termsStudBud Administration481 plays

Flashcards20 cardsFPractice quizPHost liveL

Questions 20

Answers

1
Sam owns a home, but rents it out to make money. Which Freedom is illustrated?
Freedom to compete for jobs
Freedom to own, use, buy and sell private property
Freedom to choose which laws to obey
Freedom to control all the money you earn
2
Which of the statements best describes the way that the U.S. economic system functions:
Individuals & Business make decisions & Government regulates
Government makes the decision & occasionally regulates
Individuals are decision makers & businesses are regulators
Individuals and Business make decisions with not regulators
3
One factor that directly limits the economic freedom in private enterprise system is government
services
taxation
production
indecision
4
One freedom provided to individuals by the private enterprise system is the freedom to choose
which laws they will obey
where they will work
which taxes they pay
how much they will be paid
5
One difference between private enterprise & other economic systems is in other systems, workers
may be prohibited from improving their standard of living
are able to make a wide variety of economic choices
can go to work for themselves if they are dissatisfied
are allowed to change jobs whenever they want to do so
6
One of the benefits of economic freedom is that it provides individuals with
the opportunity for success
the right to buy anything
a good standard of living
equality in the workplace
7
The economic basis for the private enterprise system is
supply and demand
competition
the marketplace
the profit motive
8
Which of the following is a benefit of the freedom to own private property?
It encourages people to save and to invest
It allows people to do anything they want to do
It helps to limit our economic choices
It encourages businesses to cooperate
9
Alex owns a guitar, several books, and a telescope. Alex's possessions are examples of
equal distribution
economic resources
private property
capital goods
10
Individuals put a limit on their own economic freedom by
deciding to learn new job skills
making personal economic choices
competing with others
complying with the law
11
Every society must develop a system for deciding how it will use resources so that it can
minimize risk
prevent problems
meet people's needs
control production
12
Which of the following is a disadvantage of private enterprise?
equal distribution of income
elimination of poverty
periods of unemployment
careful use of resources
13
In a private enterprise system, consumers can choose from a variety of products as a result of
competition
limited government control
inflation
the collection of taxes
14
The basic role of the United States Government is to
limit business startups
increase production
maintain control of prices
protect U.S. citizens
15
Who answers the basic economic questions in a private enterprise economic system?
entrepreneurs and producers
government agencies
influential citizens
business and individuals
16
The private enterprise economic system is often described as a(n)
entrepreneur system
controlled system
pure system
price-directed system
17
One result of freedom in the marketplace is that
people can buy anything they can afford and is legally sold
government decides how to use individual's private property
businesses use resources efficiently
people and businesses can own things of value
18
Private enterprise is based on the idea that everyone is better served when
individuals are free to set their own goals
economic resources are controlled by the government
business regularly increases their prices
government determines where individuals will work
19
For which of the following do workers compete in a private enterprise system?
jobs
skills
benefits
profits
20
Why are entrepreneurs important in a private enterprise system?
They are responsible for deceptive advertising
They use resources inefficiently
They get rid of competition
They encourage the development of new products

EC-015 People Power (The Private Enterprise System) Flashcards | StudBud

EC-015 People Power (The Private Enterprise System)

20 termsStudBud Administration481 plays

EC-015 People Power (The Private Enterprise System)

Flashcards20 cardsFPractice quizPHost liveL

Questions 20

Answers

1
Sam owns a home, but rents it out to make money. Which Freedom is illustrated?
Freedom to compete for jobs
Freedom to own, use, buy and sell private property
Freedom to choose which laws to obey
Freedom to control all the money you earn
2
Which of the statements best describes the way that the U.S. economic system functions:
Individuals & Business make decisions & Government regulates
Government makes the decision & occasionally regulates
Individuals are decision makers & businesses are regulators
Individuals and Business make decisions with not regulators
3
One factor that directly limits the economic freedom in private enterprise system is government
services
taxation
production
indecision
4
One freedom provided to individuals by the private enterprise system is the freedom to choose
which laws they will obey
where they will work
which taxes they pay
how much they will be paid
5
One difference between private enterprise & other economic systems is in other systems, workers
may be prohibited from improving their standard of living
are able to make a wide variety of economic choices
can go to work for themselves if they are dissatisfied
are allowed to change jobs whenever they want to do so
6
One of the benefits of economic freedom is that it provides individuals with
the opportunity for success
the right to buy anything
a good standard of living
equality in the workplace
7
The economic basis for the private enterprise system is
supply and demand
competition
the marketplace
the profit motive
8
Which of the following is a benefit of the freedom to own private property?
It encourages people to save and to invest
It allows people to do anything they want to do
It helps to limit our economic choices
It encourages businesses to cooperate
9
Alex owns a guitar, several books, and a telescope. Alex's possessions are examples of
equal distribution
economic resources
private property
capital goods
10
Individuals put a limit on their own economic freedom by
deciding to learn new job skills
making personal economic choices
competing with others
complying with the law
11
Every society must develop a system for deciding how it will use resources so that it can
minimize risk
prevent problems
meet people's needs
control production
12
Which of the following is a disadvantage of private enterprise?
equal distribution of income
elimination of poverty
periods of unemployment
careful use of resources
13
In a private enterprise system, consumers can choose from a variety of products as a result of
competition
limited government control
inflation
the collection of taxes
14
The basic role of the United States Government is to
limit business startups
increase production
maintain control of prices
protect U.S. citizens
15
Who answers the basic economic questions in a private enterprise economic system?
entrepreneurs and producers
government agencies
influential citizens
business and individuals
16
The private enterprise economic system is often described as a(n)
entrepreneur system
controlled system
pure system
price-directed system
17
One result of freedom in the marketplace is that
people can buy anything they can afford and is legally sold
government decides how to use individual's private property
businesses use resources efficiently
people and businesses can own things of value
18
Private enterprise is based on the idea that everyone is better served when
individuals are free to set their own goals
economic resources are controlled by the government
business regularly increases their prices
government determines where individuals will work
19
For which of the following do workers compete in a private enterprise system?
jobs
skills
benefits
profits
20
Why are entrepreneurs important in a private enterprise system?
They are responsible for deceptive advertising
They use resources inefficiently
They get rid of competition
They encourage the development of new products