Advantages of Free Enterprise
What is another name for capitalism, an economic system based on private ownership of productive resources.
Free Enterprise
What is the money left over after the costs of producing a good or service have been subtracted from the revenue gained by selling that good or service?
Profit
Who is a person who avoids paying for a good or service but who benefits from that good or service anyway?
Free rider
Driving on a road in another state is an example of what?
Positive Externality
What color tongue does a giraffe have?
purple
What is the ability of everyone to take part in the market by free choice?
Open Opportunity
If it costs $220 to make a good, and you sell it for $488, what is your profit?
$268
What is a side effect of a product that affects someone other than the producer or the buyer?
Externality
If a company were to sell lots of one product, how would they react? (EX: stop making that product)
They would increase the production and sales of that exact product
What is the only mammal that can fly?
What is is a situation in which everyone has the same economic rights under the law?
Legal Equality
What is a free enterprise economic system with some government involvement?
Modified Free Enterprise
What consists of government programs designed to protect people from economic hardship?
Safety Net
Pollution is an example of what?
Negative Externality
In baseball where do the braves come from?
Atlanta
What is a situation in which people decide which legal agreements to enter into?
Free Contract
What consists of all the goods and services that are necessary for the functioning of society?
Infrastructure
What occurs when people who are not part of a marketplace interaction benefit from it or pay part of its costs?
Market Failure
The government providing money to companies to create a COVID vaccine is an example of what?
Subsidy
Who was the first woman to fly solo across the Atlantic Ocean?
Amelia Earhart
Define Profit Motive
the force that encourages people and organizations to improve their material well being from economic activities.
What are are products provided by federal, state, and local governments and consumed by the public as a group?
Public goods
What is a government payment that helps cover the cost of an economic activity that has the potential to benefit the public as a whole?
Subsidy
What video game did I use to describe the free rider problem?
Animal Crossing
TRUE OR FALSE-- There are 86400 seconds in a day?
TRUE