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American Free Enterprise System Flashcards | StudBud
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American Free Enterprise System
American Free Enterprise System
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1
a free enterprise economy has both:
free markets and command communism
capitalism and free markets
heavy regulation and economic opportunity
socialism and free trade
2
McDonald's cited what reason for not offering all-day breakfast before now?
inadequate demand
inadequate capital materials
did not see the need since people could get it elsewhere
inadequate supply of hash brown triangles
3
In free enterprise capitalism the gaps between ____ and ____ seem to increase.
better and worse
rich and poor
supply and demand
cost and benefit
4
_______ _______ produce a huge variety of goods
command economies
market economies
regulated economies
traditional economies
5
Capitalism allows _______ ______ between buyers and sellers.
voluntary exchange
voluntary change
monetary exchange
monetary freedom
6
_________ __________ in a free market capitalist economy promotes economic progress
product diversity
intense competition
government control
tremendous profits
7
Hot Dogs are relatively expensive at Minute Maid Park because:
the hot dogs are made with imported Kobe beef
there is a scarcity of food
there is a monopoly on concessions
there is a lack of competition
8
Apple sells iPhones because they have _________.
a profit motive
an excess supply
a business in the free market
technological advantage
9
When more and better products are produced in a free market capitalistic system, __ is produced
wealth
supply
demand
cost-benefit
10
Periods of ____ ____ ____ are one of the disadvantages of free enterprise capitalism
increased full employment
prolonged economic growth
uneven economic growth
11
Individual Freedom is closely related to:
equity
economic freedom
open borders
freedom to travel
12
DirecTV and AT&T combining is an example of what?
decline of demand for media
suppliers combining to minimize competition
Amazon Prime competing with Netflix
Voluntary Exchange
13
Market economies adjust daily, through changes in ________ of goods and services.
price
cost
supply
demand
14
Economic Freedom allow you to choose your:
choice of banks and methods of payment
preferred currency dollars or euros
favorite sports team
occupation, employer, and job location
15
Suppliers tend to combine to avoid competition, resulting in fewer participants on the __ __
demand economy
international market
store's shelves
supply side
