Fundamental Principles & Characteristics of the U.S. Economy

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Prices for most things in the US are determined by:

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1. What is the term for the concept that you can buy anything you want as long as you have the money?

2. The principle of the US economy that makes a wide assortment of products available to American consumers is:

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About This Quiz & Worksheet

Answer questions on the fundamentals of the U.S. economy with these study assessments. Quiz questions will cover topics like the way prices are determined and the ability to buy anything you want.

Quiz & Worksheet Goals

You'll be quizzed on the following:

  • Principle that makes a wide variety of products available to consumers
  • One characteristic of a command economy
  • Who decides on the amount of any given product that gets produced

Skills Practiced

  • Reading comprehension - ensure that you draw the most important information from the related lesson on the principles and characteristics of the U.S. economy
  • Information recall - access the knowledge you've gained regarding the principle that makes a wide range of products available to American consumers
  • Knowledge application - use your knowledge to answer questions on a feature of a command economy and who is responsible for how much of a certain product gets made

Additional Learning

For more, use the lesson named Fundamental Principles & Characteristics of the U.S. Economy. The following key points will be covered:

  • Explanation of capitalism as an economic system
  • Entrepreneurs and free enterprise
  • Importance of competition in capitalism
  • Mixed economies and how they work
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