Economics Chapter 3

How does the government operate in a free enterprise economy?

economic action done or brought about by free choice

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

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

Protection from layoffs, illnesses, injuries or disabilities falls under the goal of

market economy that people freely carry on economic affairs but have some government regulation

What gives people and businesses the opportunity to make their own decisions?

rise in the general level of prices

Consumers can influence the production and sale of goods by

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

The economic system of the United States is considered a

The struggle among sellers to attract buyers by offering the best products at the lowest prices

What is one of the benefits related to economic equity?

Inflation causes people to

federal program retirement benefit that covers most working people

Who ultimately determines the success of a product?

The four factors of production are land, labor, capital, and

Economic equity means that it is illegal to discriminate on the basis of age, sex race religion

protect consumers against harm from products on the market

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

The dollar value of all final goods, services, and structures produced in a country in a year

In its role as protector of the US free enterprise, 1 of the issues the gov. must deal with is

What motivates people to work, save, and invest?

struggle among sellers to attract consumers

risk-taking individual in search of profits

Which one is considered part of the seven major economic and social goals in the United States

role of national government in preserving marketplace competition

ruler of the market in determining goods and services produced

The 3 synonymous terms to describe the US economic system are free enterprise, capitalism, and