Profit is the financial gain resulting from an exchange.
What is profit in an economic system?(1 point)
Responses
Profit is the investment a consumer makes in the economy to achieve financial gain.
Profit is the investment a consumer makes in the economy to achieve financial gain.
Profit is the investment a producer makes in the economy to achieve financial gain.
Profit is the investment a producer makes in the economy to achieve financial gain.
Profit is the net change in the value of the economy due to an exchange.
Profit is the net change in the value of the economy due to an exchange.
Profit is the financial gain resulting from an exchange.
9 answers
What is voluntary exchange?(1 point)
Responses
Voluntary exchange is where buyers and sellers willingly choose to participate in transactions and both parties receive a net benefit.
Voluntary exchange is where buyers and sellers willingly choose to participate in transactions and both parties receive a net benefit.
Voluntary exchange is the free exchange of information in an economic system.
Voluntary exchange is the free exchange of information in an economic system.
Voluntary exchange occurs when consumers and producers can choose to compete in any market place.
Voluntary exchange occurs when consumers and producers can choose to compete in any market place.
Voluntary exchange occurs when products or services are available without cost to the consumer.
Voluntary exchange occurs when products or services are available without cost to the consumer.
Responses
Voluntary exchange is where buyers and sellers willingly choose to participate in transactions and both parties receive a net benefit.
Voluntary exchange is where buyers and sellers willingly choose to participate in transactions and both parties receive a net benefit.
Voluntary exchange is the free exchange of information in an economic system.
Voluntary exchange is the free exchange of information in an economic system.
Voluntary exchange occurs when consumers and producers can choose to compete in any market place.
Voluntary exchange occurs when consumers and producers can choose to compete in any market place.
Voluntary exchange occurs when products or services are available without cost to the consumer.
Voluntary exchange occurs when products or services are available without cost to the consumer.
Voluntary exchange is where buyers and sellers willingly choose to participate in transactions and both parties receive a net benefit.
What is open opportunity?(1 point)
Responses
Open opportunity occurs when consumers and producers can choose to compete in any market place.
Open opportunity occurs when consumers and producers can choose to compete in any market place.
Open opportunity is where buyers and sellers willingly choose to participate in transactions and both parties receive a net benefit.
Open opportunity is where buyers and sellers willingly choose to participate in transactions and both parties receive a net benefit.
Open opportunity occurs when products or services are available without cost to the consumer.
Open opportunity occurs when products or services are available without cost to the consumer.
Open opportunity is the free exchange of information in an economic system.
Responses
Open opportunity occurs when consumers and producers can choose to compete in any market place.
Open opportunity occurs when consumers and producers can choose to compete in any market place.
Open opportunity is where buyers and sellers willingly choose to participate in transactions and both parties receive a net benefit.
Open opportunity is where buyers and sellers willingly choose to participate in transactions and both parties receive a net benefit.
Open opportunity occurs when products or services are available without cost to the consumer.
Open opportunity occurs when products or services are available without cost to the consumer.
Open opportunity is the free exchange of information in an economic system.
Open opportunity occurs when consumers and producers can choose to compete in any market place.
Why does the free enterprise system help keep prices low?(1 point)
Responses
Producers must lower their price to differentiate their product in the market.
Producers must lower their price to differentiate their product in the market.
The governmental control of the price ensures that it remains reasonable.
The governmental control of the price ensures that it remains reasonable.
Producers must meet consumer expectations for the price or be forced out of the market by competition because of the open opportunity.
Producers must meet consumer expectations for the price or be forced out of the market by competition because of the open opportunity.
Consumers must meet producer expectations for the price or they will be unable to make purchases.
Consumers must meet producer expectations for the price or they will be unable to make purchases.
Responses
Producers must lower their price to differentiate their product in the market.
Producers must lower their price to differentiate their product in the market.
The governmental control of the price ensures that it remains reasonable.
The governmental control of the price ensures that it remains reasonable.
Producers must meet consumer expectations for the price or be forced out of the market by competition because of the open opportunity.
Producers must meet consumer expectations for the price or be forced out of the market by competition because of the open opportunity.
Consumers must meet producer expectations for the price or they will be unable to make purchases.
Consumers must meet producer expectations for the price or they will be unable to make purchases.
Producers must meet consumer expectations for the price or be forced out of the market by competition because of the open opportunity.
Why does the free enterprise system tend to keep the quality of products high?(1 point)
Responses
Producers will be motivated to improve quality to differentiate their product in the market.
Producers will be motivated to improve quality to differentiate their product in the market.
Producers will be motivated to decrease profit by increasing quality.
Producers will be motivated to decrease profit by increasing quality.
Producers will be motivated to decrease costs by increasing quality.
Producers will be motivated to decrease costs by increasing quality.
The government regulates the products to ensure that the quality remains high. Control of the price ensures that it remains reasonable.
Responses
Producers will be motivated to improve quality to differentiate their product in the market.
Producers will be motivated to improve quality to differentiate their product in the market.
Producers will be motivated to decrease profit by increasing quality.
Producers will be motivated to decrease profit by increasing quality.
Producers will be motivated to decrease costs by increasing quality.
Producers will be motivated to decrease costs by increasing quality.
The government regulates the products to ensure that the quality remains high. Control of the price ensures that it remains reasonable.
Producers will be motivated to improve quality to differentiate their product in the market.
1 answer