Competition and Free Enterprise

Question 1

In a free-enterprise system, consumers decide

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which services to buy.

Question 2

In free-enterprise systems around the world, there are

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some restrictions on business ownership and business activity.

Question 3

Jose realized that the only dining options in his community are at local restaurants where the wait time is often excessive. He decides to purchase and operate his own food truck in the area. Which indicates that Jose is exercising free enterprise?

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Jose can control how he conducts his food truck business.

Question 4

What kind of economy uses a free-enterprise system?

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a market economy

Question 5

In a competitive market, a furniture company decides to use cheaper materials to decrease production costs and pass on the savings. This is an example of

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lowering prices for customers.

Question 6

Innovation allows producers to

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create goods that draw consumer attention.

Question 7

advancesupportlimitterminate

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limit

Question 8

The Wealth of NationsThe World EconomyThe Success of NationsThe Economic Systems

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The Wealth of Nations

Question 9

What is one downside for consumers to competition in a free-enterprise system?

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Consumers must be knowledgeable.

Question 10

This photo shows a label that appears on food products in the United States.This label is an example of

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regulation by a government agency.

Competition and Free Enterprise Answers

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