Economics: Chapter 3: The American Enterprise System
Define the following terms:
Free enterprise
Voluntary exchange
Private property rights
Profit
Profit motive
Competition
Great Recession
entrepreneur
consumer sovereignty
mixed economy
modified free enterprise system
1. Complete the graphic about U.S and Social Goals
U.S Economic Goals
minimum wage
social security
Medicare
inflation
fixed income
1.
2.
3.
4.
5.
How does the Great Recession illustrate one of the weaknesses of the Free Enterprise System?
How does the free enterprise’s system of freedom of producers provide benefits to consumers?
Why are investment opportunities a benefit to the free enterprise system?
What are some of the weaknesses of the free enterprise system?
How does consumer sovereignty operate in the marketplace to determine the success or failure
of an entrepreneur?
6. What role so consumers play in the free enterprise system?
7. What is the role of the government in the free enterprise system?
8. How does our free enterprise system encourage competition?
Complete the graphic below about Free Enterprise capitalism
Free Enterprise
Capitalism