FREE HISTORY AND STUDY GAMES ABOUT 2-3 ECONOMIC

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FREE HISTORY AND STUDY GAMES ABOUT 2-3 ECONOMIC

SYSTEM EXAM QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -9 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation

Question 1: capitalism

Answer:

A system in which private citizens own the factors of production

Question 2: private property rights

Answer:

The privilege that entitles people to own and control their possessions as they wish

Question 3: profit

Answer:

The extent to which persons or organizations are better off at the end of a period than they were at the beginning

Question 4: voluntary exchange

Answer:

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

Question 5: consumer sovereignty

Answer:

The role of the consumer as ruler of the market

Question 6: profit motive

Answer:

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

Question 7: mixed economy/modified private enterprise economy

Answer:

Economy in which people carry on their economic affairs freely but are subject to some government intervention and regulation

Question 8: Free enterprise

Answer:

Economy in which competition is allowed to flourish with a minimum of government interference

Question 9: competition

Answer:

The struggle among sellers to attract consumers while lowering costs