Economics Chapter 3 Review

The lowest wage that can be paid to most workers is called?

The phrase "the customer is always right" is most often associated with what term?

People tend to treat public property better than private property?

A general rise in the level of prices over time is known as?

Markets in the free enterprise system are seldom regulated by?

Inflation causes people to?

The seller always benefits the most in voluntary exchange?

What is the name of the federal health insurance program for senior citizens?

The act of buyers and sellers freely and willingly engaging in market transactions is called?

One of the characteristics of a capitalist free enterprise economy is?

When an economy is capitalist , it can be said that the economy is based on?

What is one of the benefits related to economic equity?

Income that does not increase over time is called?

Which of the following is NOT characteristic of free enterprise capitalism?

Economic growth is necessary as a nation's population increases?