Which of the following correctly describes a traditional economy?
The government has the greatest degree of involvement in which of the following?
The high degree of freedom in a market system is illustrated by the fact that _________.
Which of the following is NOT one of the broad economic and social goals of the United States?
High rates of inflation tend to ______.
How might a policy that keeps foreign-made shoes out of the United States work against a major economic goal?
What argument might a supporter of a higher minimum wage use?
In free enterprise, the characteristic of voluntary exchange allows __________.
In economics, profit is defined as the _______.
Which of the following does NOT illustrate the concept of consumer sovereignty?
What is the driving force that encourages people to improve their material well
Profit motive encourages people to improve their material well-being. In a free enterprise system, business owners and managers, not government officials, make decisions on how their business will be run. Maximizing profits is the driving force behind these decisions.
What is the incentive that encourages people and organizations to improve businesses?
Coach Sutton.
What is the drive to improve your material well
Chaper 1-3 vocab.
What is the force that directs the actions of individuals and businesses in a market system?
The primary driving force of the market system is self interest. Entrepreneurs try to maximize their profits; property owners want the highest price for their resources; workers choose the job with the best wages, fringe benefits and working conditions.
What people want or expect in the way of material well
Standard of living refers to the quantity and quality of material goods and services available to a given population.
Which part of the economy involves the transactions of individuals and businesses?
A market economy is an economic system in which economic decisions and the pricing of goods and services are guided by the interactions of a country's individual citizens and businesses.