Competition and Free Enterprise – Flashcards
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how much to charge.
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In a free-enterprise system, producers decide
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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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to create fair competition between producers to protect consumers' health and safety to prevent the formation of monopolies
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Why does the US government create regulatory agencies? Check all that apply.
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The Wealth of the Nations
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In 1776, an economics book titled ... was published to promote the concept of free enterprise.
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the creation of fuel-efficiency standards for cars
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Which is an example of regulation in the automobile industry?
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regulation by a government agency.
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This photo shows a label that appears on food products in the United States. This label is an example of
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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?
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create goods that draw consumer attention.
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Innovation allows producers to
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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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a market economy
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What kind of economy uses a free-enterprise system?
