Principles of Free Enterprise Economics

University:
Massachusetts Institute of Technology
Course:
15.010 | Economic Analysis for Business Decisions
Academic year:

2023
Views:

314

Pages:

1
Author:

Alma Stephenson

30 questions Question In america Free enterprise capitalism, the profit motives can be best thought of as what? Who is said to have “sovereignty over a free market? Who or what does the modification in a modified free enterprise econ? A state gov builds a highway. Example of gov fulfilling its role as what? 1 of the characteristics of a capitalist free enterprise econ is. The econ system of US is considered a. ___ protect consumers against harm from products on the market. Which of the following is largely responsible for the growth of a free enterprise system? Consumers in a free enterprise econ ultimately determine ___ to produce. The 4 factors of production are land, labor, capital, and. A general rise in the lvl of prices over time is known as. What have some states done to protect workers from adverse econ events such as layoffs and illness? The 3 synonymous terms to describe the US econ system are free enterprise, capitalism, and. The struggle among sellers to attract consumers by offering the best products at the lowest price is known as. The dollar value of all final goods, services, and structures produced in a country in a year is known as. What motivates ppl to work, save, ands invest. What gives ppl and businesses the opportunity to make their own decisions? The phrase “the customer is always right” os most often associated with the term? Who ultimately determines the process of a product? Consumers can influence the production and sales of goods by. Struggle among sellers to attract consumers. Econ action done or brought about by free choice. Driving force that encourages ppl to improve their material well-bring. Market econ in which ppl freely carry on econ affairs but are subject to some gov regulation. Someone who organizes and manages land, capital, and labor to make a profit. Econ system with a combination of. The role of the consumer as the ruler at the market. Lowest legal wage that can be paid to most workers. Federal program retirement benefit that covers most working ppl. Rise in the general lvl prices. Answer An Incentive Consumers Government Provider Voluntary Exchange Free Market Capitalist Econ Gov Regulations Profit Motives What Entrepreneurs Inflation They set up unemployment compensation programs. Free market Competition Gross Domestic Product Incentives Econ Freedom Consumer sovereignty The consumers “Voting” with their dollar. Competition Voluntary Exchange Profit Motives Modified free enterprise econ. Entrepreneur Mixed Econ Consumer sovereignty Minimum Wage Social Security Inflation