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Economy ch.3

Why has America been referred to as the land of opportunity
It provides anyone with the possibility of success through hard work
What basic principles are fundamental to American free enterprise
Open opportunity, private property, contract, &voluntary exchange
In what way does the Bill of Rights protect individuals freedom to engage in business activities
It recognizes property rights
What is considered a negative effect of government regulation
They cut into company profits, they stifle competition and they cause higher prices for consumers
Which group lists the key principles of free enterprise system
Profit motive, legal equality, private property, and voluntary exchange
Business cycles occur in free enterprise systems because
Economic decisions about factors such as prices, production, and consumption are determined by the market
The federal government monitors and regulates American banks and other financial institution to?
To shield money from the damaging effects of economic down tents
Improved technology helps create a higher standard of living for future generations by
Providing additional goods and services
Which are the governments three goals for promoting economic strength
High employment, steady growth, and stability
What is one way the government might try to promote economic growth
Increased spending
What is critical in determining whether something is produced as a public good
Whether the benefits to society are greater than total cost
Why do public goods demonstrate the limitations of a free-market economy
They allow government to make some economic decisions
What is the governments role in controlling externalities in the American economy
Governments try to encourage positive and the negative externalities
What public goods examples of market failure
They show that the market economy cannot distribute set in resources efficiently
Which is a positive externality Of a new high school
Student purchases at nearby stores
Various federal, state and local government programs help raise people’s standards of living because
Certain groups of people have fewer opportunities to be productive
Health insurance for the elderly, the poor, and Disabled is provided by
Medicare and Medicaid
Education programs make the economy more productive by
Adding to human capital and labor productivity
When did the nation’s welfare system begin
During the Great Depression
Which of the following programs was President Roosevelt establishing when he spoke these words
Social Security

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