what happens when two or more parties seek the same prize or benefit
answer
competition
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an economic system in which there are minimal restrictions on business ownership and activity
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free enterprise
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the placing of limits or restrictions on business activity by government
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regulation
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to create limits
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restrict
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limit
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In the United States, the government creates laws and regulations that __________ business activities to prevent wrongdoing.
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Consumers must be knowledgeable
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What is one downside to competition in a free-enterprise system?
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d)A state agency has been created to monitor the production and distribution of sports drinks.
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Which situation is the best example of regulation in an economic system?
a)A retail business just opened a new store in a community close to its original location.
b)A small clothing shop slashed it prices to attract customers from a larger department store nearby.
c)A farmers' market has offered a special deal to customers from a nearby yoga school.
d)A state agency has been created to monitor the production and distribution of sports drinks.
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fight for the same benefit or gain
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Competition happens when two or more businesses
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create goods that draw consumer attention
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Innovation allows producers to
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which services to buy
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In a free-enterprise system, consumers decide
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a)the creation of fuel-efficiency standards for cars
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Which is an example of regulation in the automobile industry?
a)the creation of fuel-efficiency standards for cars
b)the installation of satellite radio systems in some cars
c)the usage of multiple-year warranties to cover repairs
d)the production of hybrid models that conserve gasoline
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how much to charge
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In a free-enterprise system, producers decide
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a market economy
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What kind of economy uses a free-enterprise system?
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