Free Enterprise System

According to the selection, which sentence shows the impact that the  growing population had on Texas after statehood?

• Consumers are free to choose for themselves what they would like to buy.

• The government does not tell them what to do

• As the population of Texas grew, the demand for services also grew.

• After statehood, Texas continued to grow.

Under what economic system did Texas operate?

• Traditional Economy System

• Free Enterprise System

• Command System

•  More Money System

How is a producer different from a consumer?

• A producer sells goods or services while a consumer buys goods or services.

• A producer buys goods and services while a consumer sells goods and services.

• A producer comes up with new ideas while the consumer creates it.

• A producer makes ads while the consumer posts it on YouTube.

 Explain how supply and demand works.

Write one benefit, or good thing, about using the free enterprise system?

The free enterprise system is based on the concept or idea of-

• Give and take

• Law and order

• Pro and cons

• Supply and demand

Which of the following does the free enterprise system allow?

• Choice

• Competition

• Profit

• All of the above

The extra money that a producer makes above and beyond what it

costs to make the goods he or she sells is called-

• tax

• demand

• supply

• profit