FREE ECONOMICS AND STUDY GAMES ABOUT CH 3 AMER

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FREE ECONOMICS AND STUDY GAMES ABOUT CH 3 AMER

FREE ENTER EXAM QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -22 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation

Question 1: free enterprise

Answer:

an economic system in which privately owned businesses have the freedom to operate for a profit with limited government intervention

Question 2: Social Security

Answer:

federal program of disability and retirement benefits that covers most working people

Question 3: private property rights

Answer:

fundamental feature of capitalism, which allows individuals to own and control their possessions as they wish; includes both tangibles and intangible property

Question 4: profit motive

Answer:

driving force that encourages people and organizations to improve their material well-being; characteristic of capitalism and free enterprise

Question 5: competition

Answer:

the struggle among sellers to attract consumers

Question 6: mixed economy

Answer:

economic system that has some combination of traditional, command, and market economies

Question 7: accommodate

Answer:

to allow for

Question 8: entrepreneur

Answer:

risk-taking individual in search of profits; one of four factors of production

Question 9: Medicare

Answer:

federal health insurance program for senior citizens, regardless of income

Question 10: inflation

Answer:

rise in the general level of prices

Question 11: minimum wage

Answer:

lowest legal wage that can be paid to most workers

Question 12: regulator

Answer:

someone or something that controls activities

Question 13: profit

Answer:

difference between the revenue from sales and the full opportunity cost of resources involved in producting the sales

Question 14: incentives

Answer:

something that motivates

Question 15: adverse

Answer:

unfavorable or harmful

Question 16: catalyst

Answer:

something that stimulates activity among people of forces

Question 17: fixed income

Answer:

income that does not increase over time

Question 18: Great Recession

Answer:

severe economic downturn that lasted from late 2007 through mid-2009

Question 19: voluntary exchange

Answer:

act of buyers and sellers freely and willingly engaging in market transactions; a characteristic of capitalism and free enterprise

Question 20: consumer sovereignty

Answer:

role of consumer as ruler of the market in determining the types of goods and services provided

Question 21: biofuels

Answer:

fuel made from wood, peat, municipal solid waste, straw, corn tires, landfill gases, fish oils, and other waste.

Question 22: modified free enterprise economy

Answer:

free enterprise market economy where people carry on their economic affairs freely, but are subject to some government intervention and regulation