Chapter 3 Flashcards
(8 cards)
When an economy is capitalist and has free markets, it can be said that the economy is based on…
Free Emterprise
One of the characteristics of the US economy is the…… role of the government
Limited
Between 2007 and 2009, the US went through a difficult economic period called the
Great Recession
….. motive is what drives people and organizations to improve their material well- being.
Profit
…….. 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
Private Property
The three synonymous terms to describe the US economic system are free enterprise, capitalism, and……..
Free Market
The dollar value all final goods, services and structures produced in a country in a year is known as……
Gross Domestic Product
The struggle among sellers to attract consumers by offering the best products at the lowest prices is known as……
Competition
