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Economic Systems
Evaluating Economic Performance
American Free Enterprise
Vocabulary
100
Economic system that is prone to economic stagnation.
What is a Traditional Economy?
100
Rise in the general level of prices.
What is inflation?
100
Takes the role of a "regulator" in the U.S. Economy.
What is the Government?
100
Struggle among producers to attract consumers.
What is competition?
200
This economy does not provide for everyone's basic wants and needs.
What is a Market Economy?
200
Right to choose one's occupation, employer, and own use of money.
What is Economic Freedom?
200
Incentive that encourages people to improve their material well-beings.
What is Profit Motive?
200
Federal program of retirement and disability benefits.
What is Social Security?
300
Group of people that ultimately determines the products produced in a free enterprise economy.
What are consumers?
300
Minimum wage was established in order to reach this economic goal.
What is Economic Equity?
300
The Customer is always right, due to this economic concept.
What is Consumer Sovereignty?
300
Feature of Capitalism that allows people to own and control their possessions.
What is Private Property or Private Property Rights?
400
This economic system can change direction quickly and drastically.
What is a Command Economy?
400
Economic Goal that enables people to have more foods and services.
What is Economic Growth?
400
Most important role in a free enterprise economy, the driving force.
What are entrepreneurs?
400
Act of buyers and sellers freely and willingly engaging in market transactions.
What is Voluntary Exchange?
500
Economic System with the greatest ability to adapt over time.
What is a Market Economy?
500
Economic goal that prevents job loss
What is Full Employment?
500
The incentive that encourages people and organizations to improve their material well-being.
What is Profit motive
500
Organized way in which a society provides for the wants and needs of its population.
What is an Economic System?