Ch 3 Test – Economics in the United States: Economics AGS – Flashcards
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Thomas Jefferson called rights given by God ______.
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natural rights
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Two amendments in the Bull of Rights deal with ______.
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property
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The U.S economy is sometimes called a capitalist, market, or ______ system.
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free enterprise
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In a market system, freedom of ______ is important.
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choice
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If two people buy and sell without being forced, they have made a(n) ______.
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voluntary exchange
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By looking at total revenue and total cost, economists can figure out ______.
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profit
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If total cost is greater than total revenue, a business will have a(n) ______.
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loss
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A plan of government is called a(n) ______.
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constitution
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The writers of the U.S. Constitution believed the government should ______ people's property.
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protect
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Consumers buy and use ______.
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products
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Businesses and consumers compete in the ______.
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market
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Multiplying the average price of a unit by the number of units sold tells a business its ______.
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total revenue
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Costs that stay the same regardless of how much business a company does are ______ costs.
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fixed
