American Enterprise Day
On what date is American Enterprise Day celebrated each year?
November 15
What does the term “enterprise” mean?
Taking on entrepreneurial projects that involve risk
What happens to prices when demand increases and supply remains constant?
Prices increase
Who owns most businesses in a free enterprise system?
Individuals or private owners
Which historical event demonstrated the power of free enterprise through mass production?
The Industrial Revolution
True or False: American Enterprise Day is a federal holiday.
False
Which pillar of the free enterprise system motivates individuals to start businesses? True or False: Competition among businesses is driven by the American Enterprise System.
Profit motive
What economic principle explains why prices fall when supply exceeds demand?
Surplus
What is a centrally planned economy?
An economy where the government controls production and distribution
How does free enterprise encourage technological advancement?
Competition pushes businesses to develop better and newer technologies
Which organization primarily promotes and celebrates American Enterprise Day?
The Future Business Leaders of America (FBLA)
Name two of the five pillars of the American Enterprise System.
Any two: private property, freedom of choice, profit motive, competition, limited government
How does consumer demand influence what businesses choose to produce?
Businesses produce more of what consumers want to maximize profit
One major goal of a socialist economy is what?
Equal distribution of resources
How do consumers benefit from competition in a free enterprise system?
More choices, lower prices, and better quality
Which U.S. president issued a proclamation formally recognizing American Enterprise Day?
President Jimmy Carter
Why is competition considered essential in a free enterprise system?
It encourages innovation, lowers prices, and improves quality
Why does demand usually decrease when prices rise?
Consumers are less willing or able to buy at higher prices
How does government control differ between a free enterprise system and socialism?
Free enterprise has limited government involvement, while socialism has significant government control
How can entrepreneurship strengthen the U.S. economy?
By creating jobs, increasing innovation, and promoting economic growth
In what year was American Enterprise Day officially recognized?
1980
How does limited government benefit a free enterprise system?
It allows businesses to operate freely while still protecting consumers and markets
How do supply and demand work together to determine market equilibrium?
Prices adjust until the quantity supplied equals the quantity demanded
Why might innovation be slower in a centrally planned economy?
There is less competition and fewer incentives to take risks
How might small businesses contribute to their communities on American Enterprise Day?
By supporting local economies, educating customers, and promoting entrepreneurship