Free Enterprise
What is the definition of free enterprise?
What is an economic system where private ownership and minimal government intervention allow businesses to operate for profit?
What happens to demand when consumer income increases?
What is demand increases for normal goods?
How do prices signal to producers what to supply?
What is prices indicate what goods are profitable to produce?
What is the relationship between wages and the supply of labor in factor markets?
What is higher wages generally attract more labor supply?
What is the significance of maximizing benefits in resource allocation?
What is making choices that yield the highest net benefit or satisfaction?
What role do entrepreneurs play in a free enterprise economy?
Who are the innovators that create businesses and drive economic growth?
How does a surplus in the market affect prices?
What is a surplus causes prices to fall?
What is the relationship between market prices and consumer purchasing behavior?
What is higher prices decrease demand, and lower prices increase demand?
Describe one debate surrounding unemployment in factor markets.
What is the causes and effects of structural versus cyclical unemployment?
Describe how limited resources affect economic decisions.
How do scarcity forces trade-offs and prioritization?
Describe how competition among businesses affects consumer choices in a free enterprise system.
What is competition encourages better quality and lower prices, expanding consumer options?
What is the effect of an increase in demand on equilibrium price and quantity?
What is both equilibrium price and quantity increase?
How do businesses decide what to supply in the product market?
What is businesses supply what they expect to sell at a profit based on demand and costs?
What are the three main types of factor markets?
What are labor, capital, and land markets?
What is meant by the efficient allocation of resources?
What is resources used to produce the greatest benefit at the lowest cost?
What role do entrepreneurs play in a free enterprise economy?
Who are the innovators that create businesses and drive economic growth?
Describe the relationship between supply and demand in determining market prices.
What is supply and demand interact to establish equilibrium price and quantity?
Explain how technology impacts market prices for goods.
How does technology reduce production costs and lower prices?
How do factor market prices affect employment levels?
How do higher factor prices can increase supply but may reduce employment if too high?
Explain the concept of opportunity cost in resource allocation.
What is the value of the next best alternative forgone?
What is the definition of free enterprise?
What is an economic system where private ownership and minimal government intervention allow businesses to operate for profit?
How do consumer purchasing decisions influence product availability and prices in the market?
What is consumer demand affects how much producers supply and the prices they set?
What factors determine the prices of goods and services in the product market?
What are supply and demand, production costs, competition, and consumer preferences?
Define factor markets and their role in the economy.
What are markets where resources like labor, capital, and land are bought and sold?
How do individuals and societies determine what goods and services to produce?
What are market signals, government policies, and social values?