Econ Chapter 3 Test

Front

What term describes a situation in which a product or technology becomes outdated or no longer useful?

Back

Obsolescence

Front

What is a legal protection given to an inventor for a new and useful invention?

Back

Patent

Front

Which term refers to the exclusive legal right to reproduce, publish, or sell a creative work such as a book or movie?

Back

Copyright

Front

What is the term for a strong belief in the value of hard work and responsibility?

Back

Work Ethic

Front

What is the primary feature of the American free enterprise system?

Back

Freedom to start and operate a private business

Front

Which of the following is an example of profit motive in a free enterprise system? A) The government sets minimum prices for essential goods. B) A business owner takes risks to earn higher profits. C) Workers receive fixed salaries regardless of performance. D) Consumers are restricted in their choice of goods.

Back

A business owner takes risks to earn higher profits.

Front

A product or service that benefits everyone in society and is often provided by the government is called a:

Back

Public Good

Front

Which sector includes government agencies and services?

Back

Public Sector

Front

What term refers to businesses and industries that are owned by individuals rather than the government?

Back

Private Sector

Front

Roads, bridges, and power lines are examples of:

Back

Infrastructure