What is the freedom to compete?

Different companies in the same industry compete for money

What does it mean for the economy when the American Enterprise System gives citizens Freedoms?

Consumers make decisions & the gov. has less control on the

What is a Capitalist Enterprise System?

Capitalist; Businesses are not controlled by the government

What is a con about credit?

Does not increase total purchasing power, Failure to repay loans ->bad credit ->difficult to get loans

What is private property?

Owned by individuals and businesses, instead of government

What does a balance sheet include?

A person's net worth, debts, and items of value owned

What goes into money management?

Working towards long-term security, Day to day financial activities

Why is it important for the government to be able to interfere with some of our freedoms?

To prevent companies from getting too powerful

What makes an oligopoly?

Few sellers and a closed market

What rights does the AES give us?

Private property, competetion between goods, and business

What makes a "perfect competition model"?

Well informed buyers and sellers, Easy entry and exit and identical products

Amount of money owned with consideration to money owed

What are personal finance statements?

Summary of someone's individual financial situation + income

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American Enterprise Systems FBLA #1

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#AmericanEnterpriseSystems #Introduction #FBLA

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Questions 20

Answers

1
What is the freedom to compete?
Different industries compete for consumers and their money
Different methods of creating certain products for consumers
Different companies in the same industry compete for money
Consumers try out different products to choose the best
2
What competition are you eligible for when you participate in the AES Project?
Regionals
Nationals
Sectionals
States
3
What does it mean for the economy when the American Enterprise System gives citizens Freedoms?
Consumers make decisions & the gov. has less control on the
Consumers can propose ideas but the government decides later
The government can't interfere with the economy
Social Darwinism is made attainable by the government
4
What are the two categories within government policies that affect our economy?
Fiscal and Monetary
Money and Monopoly
Oligopoly and Monopoly
Financial and Credit
5
What is a Capitalist Enterprise System?
Economic system controlled by both private groups and govt.
Free enterprise system controlled by the government
Capitalist; Businesses are not controlled by the government
6
What is a con about credit?
The possibility to spend more than you own
Does not increase total purchasing power
Failure to repay loans ->bad credit ->difficult to get loans
Loss in personal purchasing power
7
What is private property?
Owned by individuals and businesses, instead of government
Owned partly by the government and private businesses
Owned by the government
8
What Sacramento-based company has a natural monopoly?
AMPAC
Sacramento Municipal Utility
SMUD
Mercy General Hospital
9
What kind of system is the american enterprise system?
Free Enterprise Planning System
Network Management System
Trading System
Free Enterprise System
10
What does a balance sheet include?
A person's net worth, income, and debts
A person's net worth, items of value, and companies
A person's net worth, debts, and items of value owned
A person's debts and items of value owned
11
What goes into money management?
Working towards long-term security
Working towards short-term security
Daily financial activities for only your current situation
Day to day financial activities
12
Why is it important for the government to be able to interfere with some of our freedoms?
To give smaller companies more power
To contribute to Laissez Faire
To prevent companies from getting too powerful
In order for people to understand Social Darwinism
13
T/F: The AES Project can be used for community service hours
True
False
14
What is another term for a "trade off"?
A Swap
A Compromise
Opportunity Cost
A Balance
15
What makes an oligopoly?
Colin Kaepernick
The NHL
Few sellers and a closed market
A small group of people with power over an industry
16
What rights does the AES give us?
Equal pay and jobs
Private property, competetion between goods, and business
Private property, businesses, and no competition
Private property
17
What does the AES depend on to work?
Government profit
Consumer supply and demand
Private companies
18
What makes a "perfect competition model"?
Behavior dependent on the consumer
Well informed buyers and sellers
Easy entry and exit and identical products
One product and company per industry
19
What is net worth?
Amount of money owned with consideration to money owed
How many stocks a person owns
The amount of money a person already owns
How much a person earns per year
20
What are personal finance statements?
A summary of a person's financial skill
A document with a person's credit score
A summary of a person's individual situation & their income
Summary of someone's individual financial situation + income

American Enterprise Systems FBLA #1 Flashcards | StudBud