Economic Systems
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| It is useful to refer to the U.S. economy as a __________________ system, even though it includes some features of socialism and is therefore technically a mixed economy. | show 🗑
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| show | willing and able
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| The five major features that define free enterprise are private property, choice, competition, economic incentives, and ____________________________. | show 🗑
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| show | price
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| When total revenue is _______________________ total cost, there is a profit. | show 🗑
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| Supporters of the free enterprise system believe that an ethical economic system produces goods and services preferred by both the ___________________ and the __________________ . | show 🗑
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| Economists call someone who receives the benefits of a good without paying for it a _____________________ . | show 🗑
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| show | market
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| In the free enterprise economy of the United States, most economic decisions are made by: | show 🗑
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| show | Adam Smith
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| show | the government
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| show | capitalist (market or free-enterprise)
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