Ipod Shortage Worksheet

PRINCIPLES OF BUSINESS AND MARKETING – MR. SHULTZ FREE ENTERPRISE WORKSHEET

STUDENT NAME ______DATE ______

Using the information you learned in the Free Enterprise Lesson, answer the questions below. Make sure you complete BOTH SIDES!

1. What does free enterprise mean?

2. What prompts people to take the financial and emotional risk of starting a business?

3. What is the key to free enterprise?

4. What are the four components of most free enterprise systems?

5. In a free enterprise system, what do households own?

6. What is consumer sovereignty?

7. What are the people who start businesses called?

8. What does efficiency mean?

TURN THE PAGE OVER TO COMPLETE THE WORKSHEET 9. What is a market?

10. What are three categories of markets in a free enterprise society?

11. What is the cornerstone of a truly free enterprise economy?

12. What is the main role of government in a free society?

13. What are two things that prices tell us about?

14. If we tried to make decisions without prices, as socialist countries do, what we would probably do?

15. What is free enterprise all about?

16. In a free market system, what will a business that expresses prejudice and discriminates in its decisions face?

17. Why do entrepreneurs have a strong incentive to pay attention to the votes consumers register with their dollars?

18. What do societies in which one group of leaders makes all the economic decisions probably not produce?

19. What three things continue to drive the market forward?

20. What does competition result in?