Question

1. every society must develop a system for deciding how it will use its resources so that it can

a. maximize risk c. prevent problems.
b. meet peoples needs. d. control production.

1. who answers the basic economic questions in a private - enterprise economic system?

a. government agencies c. businesses and individuals
b. influential citizens d. entrepreneurs and politicians

1. one of the results of freedom in the marketplace is that

a. businesses use resources efficiently
b. people and businesses can own things of value.
c. people can buy anything they can afford that can legally be sold.
d. government decides how to use an individuals private property.

1. alan owns a guitar, several books, and a telescope. alans possessions are examples of

a. private property c. capital goods.
b. economic resources. d. equal distribution.

1. which of the following is a benefit of the freedom to own private property?

Explanation:

1. Societies need to allocate resources to meet people's needs. This is a fundamental economic concept.
2. In a private - enterprise economic system, businesses and individuals answer basic economic questions as they make decisions about production, consumption, etc.
3. Freedom in the marketplace allows people to buy anything they can afford that is legally for sale as it is based on supply - demand and consumer choice principles.
4. A guitar, several books, and a telescope owned by Alan are examples of private property as they are owned by an individual.

Answer:

1. b. meet people's needs
2. c. Businesses and individuals
3. c. people can buy anything they can afford that can legally be sold
4. a. private property