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13 terms

Ch 3 Test - Economics in the United States: Economics AGS

Ch 3 Test - Economics in the United States: Economics AGS
STUDY
PLAY
Thomas Jefferson called rights given by God ______.
natural rights
Two amendments in the Bull of Rights deal with ______.
property
The U.S economy is sometimes called a capitalist, market, or ______ system.
free enterprise
In a market system, freedom of ______ is important.
choice
If two people buy and sell without being forced, they have made a(n) ______.
voluntary exchange
By looking at total revenue and total cost, economists can figure out ______.
profit
If total cost is greater than total revenue, a business will have a(n) ______.
loss
A plan of government is called a(n) ______.
constitution
The writers of the U.S. Constitution believed the government should ______ people's property.
protect
Consumers buy and use ______.
products
Businesses and consumers compete in the ______.
market
Multiplying the average price of a unit by the number of units sold tells a business its ______.
total revenue
Costs that stay the same regardless of how much business a company does are ______ costs.
fixed