Ch. 2-Econ. Systems Word Scramble
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| Question | Answer |
| 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. | mixed |
| In a free-enterprise economy, goods are produced for people who are ___________ and __________ to buy them. | willing and able |
| The five major features that define free enterprise are private property, choice, competition, economic incentives, and ____________________________. | voluntary exchange |
| Total revenue can be calculated by multiplying the _______ of the good times the number of units of the good sold. | price |
| When total revenue is _______________________ total cost, there is a profit. | greater than |
| Supporters of the free enterprise system believe that an ethical economic system produces goods and services preferred by both the ___________________ and the __________________ . | majority and the minority |
| Economists call someone who receives the benefits of a good without paying for it a _____________________ . | free rider |
| A ____________________ is any place where people come together to buy and sell goods or services. | market |
| In the free enterprise economy of the United States, most economic decisions are made by: | individual consumers and individual producers |
| He wrote Wealth of Nations and is considered the father of economics. | Adam Smith |
| In socialist economies, most capital goods are owned by | the government |
| Private property, competition, and the profit motive are common in economies that are: | capitalist (market or free-enterprise) |
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teacherdavidfrost
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