Market Economies

Another term for capitalism is:

• free enterprise
• profit
• private property
• command economy

Market economies are generally found in countries that have a _____for of government.

• democratic
• communist
• socialist
• patriarchal

The desire to work hard, to be creative, and to satisfy customers in order to earn a profit is called

• competition
• supply and demand
• capitalism
• the profit motive

In a(n) __________ economy, businesses and individuals are free to make their own decisions as they buy and sell in the marketplace.

• market economy
• command economy
• laissez-faire 
• traditional economy

__________ means that economic resources are privately owned by individuals rather than by the government.

• Socialism
• Competition
• Profit motive
• Capitalism

The rivalry among businesses to sell their products and services to customers is called 

• Competition
• Capitalism
• Profit motive
• Private enterprise

Market economies are typically not good at producing

• cars and trucks

• clothing

• technology goods

• police protection

Laissez-faire translates to "leave it alone" and refers to

• not changing prices over time

• using only resources that are readily available

• keeping the government from regulating the economy excessively

• limiting changes in production methods

In a market economy consumers and producers must be

• knowlegable

• wealthy

• patriotic

• loyal

In a market economy the 3 basic key economic question are answers by

• the buyers and sellers

• the goverment

• the community

• the voters