Q1. What goods will business firms in a free enterprise economy produce?
Q2. Who decides how the goods will be produced?
Q3. Give an example of how a business firm owner decides to produce his or her goods.
Q4. In a free enterprise economy, goods are produced for what type of people?
Q5. What are the five features of free enterprise?
Q6. What is private property?
Q7. How is public property different than private property?
Q8. In what ways do workers, businesses, and buyers have a right to choose?
Q9. Give an example of an exchange that would leave an individual better off.
Q10. How would a consumer benefit from competition versus a worker in a free enterprise economy?
Q11. What is an economic incentive in a free enterprise economy?
Q12. Give an example of how a country's laws and regulations affect the "economic climate" of that country.
Q13. How is a household defined?
Q14. What does the circular flow of economic activity diagram show?
Q15. Think about a scenario in which people's taxes are going to be raised. Use the circular flow of economic activity to understand how businesses, households and the government will be affected.