1. In economic decision making, it is important to weigh the advantages and disadvantages of all your alternatives.
2. Profit does NOT include the cost of running a business
3. Profit is the only reason people start and operate businesses.
4. The right to buy and sell an automobile is an example of the right of private property.
5. Competition discourages business owners from improving their products and giving better service.
6. Competition tends to keep prices from becoming unreasonable.
7. If many people want to buy a particular make of automobile, the price of the automobile will tend to go up.
8. In the private enterprise system your worker role is selected for you.
9. The Gross Domestic Product (GDP) is determined entierly by what individual consumers spend for goods and services.
10. Accurate and fair GDP comparisons from year to year must use constant prices, not current prices.
2. Profit does NOT include the cost of running a business
3. Profit is the only reason people start and operate businesses.
4. The right to buy and sell an automobile is an example of the right of private property.
5. Competition discourages business owners from improving their products and giving better service.
6. Competition tends to keep prices from becoming unreasonable.
7. If many people want to buy a particular make of automobile, the price of the automobile will tend to go up.
8. In the private enterprise system your worker role is selected for you.
9. The Gross Domestic Product (GDP) is determined entierly by what individual consumers spend for goods and services.
10. Accurate and fair GDP comparisons from year to year must use constant prices, not current prices.