Free market economies are allowed to operate without any interference from the

Free market economies are allowed to operate without any interference from the ________	GOVERNMENT
Name the 5 characteristics of a free market economic system	0 Private ownership of property and resources 1 Profit is the goal 2 Competition allowed 3 Consumer sovereignty (consumers free to choose to sell or buy) 4 Individual choice
What type of economic system is the most common today?	FREE MARKET SYSTEM
The main difference between a free market economy and a mixed economy is that there is ______ in a mixed economy	GREATER GOVERNMENT ROLE IN A MIXED ECONOMY

Profit and individual choice are characteristics of a __________ economic system	FREE MARKET
The availability of resources and consumer preferences determines _________	WHAT IS PRODUCED
Rivalry between sellers of goods or services results in higher quality and lower process. This is a characteristic of _______ in the U.S. economy	COMPETITION
When consumers determine through their purchases what goods and services will be produced, this is called___	CONSUMER SOVEREIGNTY

Name the 3characteristics of a command economy	5 Central ownership of property and resources 6 Centrally planned economy 7 Lack of consumer choice
What are the 4 characteristics of a mixed economy?	8 Individuals and business are decision makers for the private sector 9 Government is the decision maker for public sector 10 Greater role of the government than in a free market 11 Most common economic system today
What is profit?	This is the earnings a business makes after ALL EXPENSES HAVE BEEN PAID.
An entrepreneur is a person who	Takes a risk to produce a good or service to make a profit A person who establishes or makes a business based on any of the three types of organizational structures

FLASH CARDS SOL 9B ECONOMIC SYSTEMS