ECON U2 Q1

A lack of property rights contributed to the economic demise of ___.

the soviet union

In which amendment can one find the "Takings Clause"?

Fifth Amendment

_____ competition in a free enterprise system creates the best environment for consumers' freedom and security.

Perfect

What is a startup?

a new business created by an entrepreneur

What is the major obstacle for Americans to own their own businesses?

age

A free market economy allows citizens to control the _______ of production.

factors

When there is a lack of ______, businesses are more likely to take advantage of consumers.

competition

The key to the market economy is that basic economic decision are ultimately made by ___

consumers

___ occurs when there are few competitiors and high barriers to entry within an industry

oligopoly

The Clayton Antitrust Act differed from the 1890 law in that ___.

it ended harmful monopolies and created the Federal Trade Commission

The importance of the Sherman Antitrust Act of 1890 is that ___.

it established that the government has a right to regulate the economy

What was the significance of the Supreme Court case Kelo v. New London (2005)?

it gave the government more power in practicing eminent domain

When did the US government begin its involvement in the economy?

late 1800's

The National Football League enjoys a ___.

legal monopoly

The importance of the right to private property is the ability to ___.

make profit in the sale or operative of private property

The absence of any competition within a particular market of a good or service is a(n) ___________.

monopoly

When one company can offer a product at a lower price than other companies due to some advantage, it is said that it can create a ___.

natural monopoly

The free enterprise system is based primarily upon the right of Americans to ___.

own their own business

"...nor shall ___ properly be taken for public use, without just compensation."

private

The pursuit of ________ is legitimate because entrepreneurs assume the risk of a business and need to provide for themselves and their families.

profit

The Takings Clause allows the government to practice eminent domain, or the taking away of property if the government ___.

provides fair payment for the property

In a market or free enterprise economy, competition ensures ___.

reasonable prices and consumer choice

Consumers have the right to ___ what to buy in a market economy.

choose

If there are no private property rights, people have no ___ to invest or work

incentive