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Economics Chapter 3 section 1

Why do Americans want the government to intervene in their free enterprise economy?
To protect the public Interest
what is the purpose of free enterprise?
To give consumers the freedom of choice
Business cycles occur in free enterprise systems because
economic decisions about factors such as prices, production, and consumption are determined by the market
why has america been referred to as the “land of opportunity”
it provides anyone from any background the possibility of success through hard work
what is considered a negative effect of government regulations
They cut into company profits, they stifle competition, and they cause higher prices for consumers (all of the above)
in what two ways does the Bill of Rights protect and guarantee individuals freedom to engage in business activities
recognizes property rights and limits on taxation’s
What basic principles are fundamental to american free enterprise
profit motive, open opportunity, legal equality, private property, free contract, voluntary exchange, competition
How does information provided by the government influence consumer decisions?
Consumers do not but products revealed to be dangerous
Which of the following is not a reason the government to provide a good or service as a public goods
increasing the number of consumers would increase the cost of a private provider
business cycles occur in free enterprise system because
economic decisions about factors such as prices, production, and consumption are determined by the market.

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