Question

name: taliyah jones date: 9 - 17 - 25 block: 15+ chapter 3: the american free enterprise system matching: command economic freedom fixed income incentives mixed economy protector competition economic growth free enterprise inflation price stability provider consumers economic security free market limited private property regulator economic efficiency enterprise government market profit motive social security economic equity entrepreneur gross domestic product medicare progress voluntary exchange 1. ________________ is the term for an economy that is capitalist and has free markets. 2. ______________ drives people and organizations to improve their material well - being. 3. ______________ rights allow people to own and control their possessions as they see fit, as long as it does not interfere with the rights of others. 4. ______________ is the term for a risk - taking individual in search of profit. 5. ______________ are considered the ruler of the market in determining the types of goods and services produced. 6. a ______________ is an economic system with the combination of traditional, and market economies. 7. the national government plays the role of a ______________ in preserving marketplace competition 8. the government’s role in the u.s. economy is __________________. 9. a ______________ is income that does not increase over time, even though prices do. 10. ______________ is the act of buyers and sellers to freely and willingly exchange in market transactions. 11. because businesses and entrepreneurs can freely enter the __________________, the result will be economic __________________ in the form of supplying newer and better products. 12. the federal government plays the role of __________________ in providing goods and services for its citizens. 13. the three synonymous terms to describe the united states economic system are free __________________, capitalism, and __________________. 14. the dollar value of all final goods, services, and structures produced in a country in a year is the __________________. 15. ________________ motivate people to work, save, and invest.

Explanation:

1. Free enterprise is a capitalist economy with free - markets.
2. Profit motive drives people to improve well - being.
3. Private property rights allow ownership and control.
4. Entrepreneur is a risk - taking profit seeker.
5. Consumers determine goods and services produced.
6. A mixed economy combines traditional and market economies.
7. The government is a regulator to preserve competition.
8. The government's role in the U.S. economy is limited.
9. Fixed income doesn't increase with prices.
10. Voluntary exchange is free market transaction.
11. Free entry into the market leads to economic growth.
12. The federal government is a provider of goods and services.
13. Free enterprise, capitalism, and free market describe the U.S. economy.
14. Gross domestic product is the dollar value of all final goods, etc.
15. Incentives motivate work, saving, and investment.

Answer:

1. free enterprise
2. profit motive
3. private property
4. entrepreneur
5. consumers
6. mixed economy
7. regulator
8. limited
9. fixed income
10. voluntary exchange
11. market, growth
12. provider
13. free enterprise, free market
14. gross domestic product
15. incentives