Economics

____ ________ is the term for an economy that is capitalist AND has free markets.

Free enterprise

_____ ______ drives people and organizations to improve their material well-being

Profit motive

_______ ______ 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

_______ is the term for a risk-taking individual in search of profit.

Entrepreneur

________ are considered the ruler of the market in determining the types of goods and services produced.

Consumers

The period of expansion or decline, known as the ________ _____, helps the government predict what will happen next.

business cycle

The national government plays the role of a _______ in preserving marketplace competition.

protector

The _______ ____ model shows how individuals and firms exchange money, resources, and products in the marketplace.

circular flow

____ competition is when producers compete trying to offer the lowest price to consumers.

Price

_______ _______ is the act of buyers and sellers to freely and willingly exchange in market transactions.

Voluntary exchange

Because businesses and entrepreneurs can freely enter the market, the result will be economic ______ in the form of supplying newer and better products.

progress

The federal government plays the role of _______ in providing goods and services for its citizens.

provider

The three synonymous terms to describe the _____ ______ economic system are free market, ________, and free enterprise.

United States, capitalism

the dollar value of all final goods, services, and structures produced in a country in a year is the _____ _______ ______

gross domestic product

________ motivate people to work, save, and invest.

Incentives

__________ is the study of behavior and ____________ of entire economies, and ___________ is the study of economic behavior of individuals, families, and businesses.

Macroeconomics, decision-making, and microeconomics

The struggle among sellers to attract consumers by offering the best products at the lowest prices is _________.

competition

gives people and businesses the opportunity to make their own decisions

Economic freedom

In the government’s role as ________ of the American free enterprise system, one of the issues the _________ must deal with is environmental hazards.

regulator, government

A ______ is an arrangement that allows buyers and sellers to exchange things

market

________ competition is when producers compete by offering higher quality products or goods with different features.

Nonprice

A ______ market is where producers sell their goods to consumers.

product

Receiving equal pay for equal work is related to _______ ______.

economic equity

___________ is the assignment of tasks to workers, businesses, factories, or nations that can perform the task most efficiently.

Specialization

Protections from layoffs, illnesses, injuries, or disabilities falls under the goal of _____ _______

economic security

A disadvantage of free market capitalism is uneven _______ _____.

economic equity

The goal of _______ ________ is maximizing goods and services from the resources available.

economic efficiency

_____ _______ helps avoid inflation.

Price stability

A _____ market is where productive resources are bought and sold.

factor

A factor _______ is the income individuals receive from supplying factors of ________ to others.

payment, production