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Economics Chapter 3: Section 1-2
Created by jrogers
- 1. Free enterpise system
- 2. open opporunity
- 3. legal equality
- 4. free contract
- 5. profit motive
- 6. profit
- 7. Modified free enterprise economy
- a. is the money left over after the costs of producing a good or service have been subtracted form the reveneue gained by selling that good or service
- b. is another name for capitalism, an economis system based on private ownership of productive resources
- c. is the abiity of everyone to take part in the market by free choice
- d. is a situation in which people decide which legal agreements to enter into
- e. is the force that encourgaes people and organizations to improve their material well being form economic activities
- f. is the free enterpise economic system with some governement involvement
- g. is the siutation in which everyone has the same economic rights under the law
Name: ___________________________________
Date: ___________________________________
Date: ___________________________________
Economics Chapter 3: Section 1-2 (Answer Key)
Created by jrogers
- b 1. Free enterpise system
- c 2. open opporunity
- g 3. legal equality
- d 4. free contract
- e 5. profit motive
- a 6. profit
- f 7. Modified free enterprise economy
- a. is the money left over after the costs of producing a good or service have been subtracted form the reveneue gained by selling that good or service
- b. is another name for capitalism, an economis system based on private ownership of productive resources
- c. is the abiity of everyone to take part in the market by free choice
- d. is a situation in which people decide which legal agreements to enter into
- e. is the force that encourgaes people and organizations to improve their material well being form economic activities
- f. is the free enterpise economic system with some governement involvement
- g. is the siutation in which everyone has the same economic rights under the law
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