Free Enterprise Vocabulary Quiz

a small payment that is added for borrowed money

• support

• industry

• interest

• incentive

something that encourages someone to make a certain choice

• incentive

• industry

• motivation

• interest

economic system in which individuals and businesses are allowed to compete for profit with minimum government interference

• free trade

• supply

• natural resources

• free enterprise

a person, company, or country that makes, grows, or supplies goods or commodities for sale

• director

• producer

• consumer

• decomposer

the quantity of something that producers have available for sale

• demand

• supply

• deplete

• surplus

a person who purchases good and services for personal use

• producer

• consumer

• industry

• demand

the quantity of a good or service that consumers are willing and able to buy

all of the businesses that make one kind of product or provide one kind of service

Match the following definitions with their word.

• specialization of labor

• the assignment of different parts of a manufacturing process or task to different people in order to improve efficiency

• mass production

• to train or specialize people in certain areas of work so that people can accomplish tasks quicker

• division of labor

• production of goods in large numbers through the use of machinery and assembly lines

the science or practice of farming, including cultivation of the soil for the growing of crops and the rearing of animals to provide food, wool, and other products

• industry

• specialization of labor

• agriculture

• mass production