Free Enterprise Test
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| Profit Motive | the force that encourages people and organizations to improve their material well-being
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| Open Opportunity | the concept that everyone can compete in the marketplace
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| Private Property Rights | the concept that people have the right and privilege to control their possessions as they wish
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| Free Contract | the concept that people may decide what agreements they want to enter into
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| Voluntary exchange | the concept that people may decide what and when they want to buy and sell
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| Competition | the rivalry among sellers to attract customers while lowering costs
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| Interest Group | a private organization that tries to persuade public officials to act or vote according to group members' interests
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| Public Disclosure Laws | laws requiring companies to provide full information about their products
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| Public Interest | the concerns of the public as a whole
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| Macroeconomics | the study of the behavior and decision making of entire economies
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| Microeconomics | the study of the economic behavior and decision making of small units, such as individuals, families, and businesses
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| Gross Domestic Product (GDP) | the total value of all final goods and services produced in a particular economy
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| Business Cycle | a period of macroeconomic expansion followed by a period of contraction
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| Work Ethic | a commitment to the value of work and purposeful activity
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| Technology | the process used to produce a good or service
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| Public Good | a shared good or service for which it would be impractical to make consumers pay individually and to exclude nonpayers
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| Public Sector | the part of the economy that involves the transactions of the government
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| Private Sector | the part of the economy that involves the transactions of individuals and businesses
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| Free Rider | someone who would not choose to pay for a certain good or service, but who would get the benefits of it anyway if it were provided as a public good
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| Market Failure | a situation in which the market does not distribute resources efficiently
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| Externality | an economic side effect of a good or service that generates benefits or costs to someone other than the person deciding how much to produce or consume
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| Poverty Threshold | an income level below that which is needed to support families or households
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| Welfare | government aid to the poor
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| Cash Transfers | direct payments of money to eligible poor people
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| In-kind Benefits | Goods and services provided for free or at greatly reduced prices
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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