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When an economy is a capitalist and has free markets, it can be said that the economy is based on __
free enterprise
one of the characteristics of the U.S economy is the _ role of the government
limited
between 2007 and 2009, the U.S went through a difficult economic period called the __
Great Recession
_ motive is that drives people and organizations to improve their material well-being.
Profit
_ rights allow people to own and control their possessions as they see fit, as long as it does not interfere with the rights of others
Private Property
The three synonymous terms to describe the U.S economic system are free enterprise, capitalism, and _
free market
The dollar value of all final goods, services, and structures produced in a country in a year is known as
gross domestic product
The struggle among sellers to attract consumers by offering the best products at the lowest prices is known as
competition
What motivates people to work, save, and invest
incentives
What gives people and businesses the opportunity to make their own decisions?
economic freedom
a risk- taking individual in search of profits
entrepreneur
Ruler of the market in determining goods and services produced
consumer
economic system with combination of command, traditional, and market economies
mixed economy
role of national government in preserving marketplace competition
regulator
something that stimulates activity among forces or people
catalyst
The phrase "the customer is always right" is most often associated with what term?
consumer sovereignty
How does the government operate in a free enterprise economy?
It establishes laws and rules to maintain competition
In its role as protector of the American free enterprise system, one of the issues the government must deal with is
environmental hazards
Who ultimately determines the success of a product?
the consumer
Consumers can influence the production and sale of goods by
"voting" with their dollars.
Which statement describes why the people in nation with a command economy might resist a shift to a free market economy
people who hold political power are threatened by fundamental changes.
the minimum wage was estab. at national and state levels as the lowest legal wage that can be paid to the majority of the workers
True
U.S economic and social goals are likely to remain unchanged in the future
false
social security is one example of how Americans have modified their free enterprise economy
True
In general, people do not want their economic system to create as many jobs as possible
false
Economic growth is necessary as a nation's population increases.
True
What is the name of the federal health insurance program for senior citizens?
medicare
Inflation cause people to
Work more to pay for basic necessities
Which of the following is currently considered one the the seven major economic and social goals in the United States?
Price stability
What is one of the benefits related to economic equity?
receiving equal pay for equal work
Protection from layoffs, illnesses, injuries or disabilities falls under the goal of
economic security
