Econ Chapter 3 2020

​​economic action done or brought about by free choice

rise in the general level of prices

What is Social Security, and which goal of the American free enterprise system does it serve?

the economic system of the United States is considered a

One role the government does poorly is that of acting as a(n)

Which of the following is NOT a benefit to the economy that entrepreneurs provide?

When discrimination by age, sex, or race occurs, which goal of the American free enterprise system is violated?

the role of the consumer as ruler of the market

what is responsible for growth in free enterprise systems?

How does a free market economy help to promote innovation?

Protection from layoffs, illness and injuries

In this economic system, private citizens own all of the factors of production to make products and create profits.

How is the level of government intervention in the American free enterprise system determined?

who ultimately determines the success of a product?

One opportunity cost or trade-off of increasing the minimum wage may be

protects consumers against harm from products

The dollar value of all final goods and services

what motivates people to work, save, and invest?

​​market economy in which people freely carry on economic affairs but are subject to some government regulation

​​federal program retirement benefit that covers most working people

how can consumers influence markets?

Which of the following is considered a economic/social goal of the US?

​driving force that encourages people to ​improve their material well-being

​someone who organizes and manages land, capital, and labor to make a profit

An example of an entrepreneur is

Whenever the government is involved in making economic decisions,

​​economic system with some combination of traditional, command, and market economies

Which goal of the American free enterprise system is exemplified by people wanting to make their own decisions

​struggle among sellers to attract consumers