ECON CBE: Liberty Questions well answered 2025/2026
Resources - ANSWERa source of supply, or aid, especially one that can be
readily drawn upon when needed
market economy - ANSWERan economic system in which economic decisions
and the pricing of goods and services are guided solely by the aggregate
interactions of a country's citizens and businesses and there is little
government intervention or central planning
capitalistic economy - ANSWERfree market economy and minimal
government intervention
competitive market
free enterprise system - ANSWERan economic system where there is limited
restrictions on trade and minimal government intervention
command economy - ANSWERsystem where the government determines
what goods should be produced, how much should be produced and the
price at which the goods will be offered for sale
(key feature of any communist society; China, Cuba, North Korea, and former
Soviet Union)
laissez-faire - ANSWERthe belief that an economy functions best when there
is no interference by government
, consumer rights - ANSWER1) right to safety
2) right to be informed
3) right to choose
4) right to be heard
generic products - ANSWERa type of consumer product that lacks a widely
recognized name or logo because it typically isn't advertised
brand name products - ANSWERtype of consumer product that requires
expensive advertising and good marketing
interest - ANSWERmoney paid regularly at a particular rate for the use of
money lent, or the cost of borrowing
mortgages - ANSWERa conveyance of an interest in property as security for
the repayment of money borrowed
financial institutions - ANSWERa place in which an above-average amount of
financial business takes place (ex. banks)
finance charges - ANSWERany additional fee added to the original amount of
a loan (ex. interest added to a balance, service fees for transactions, late fees,
and balance transfer fees)
federal agencies - ANSWERspecial government organizations set up for a
specific purpose such as the management of resources, financial oversight of
industries, or national security issues
Resources - ANSWERa source of supply, or aid, especially one that can be
readily drawn upon when needed
market economy - ANSWERan economic system in which economic decisions
and the pricing of goods and services are guided solely by the aggregate
interactions of a country's citizens and businesses and there is little
government intervention or central planning
capitalistic economy - ANSWERfree market economy and minimal
government intervention
competitive market
free enterprise system - ANSWERan economic system where there is limited
restrictions on trade and minimal government intervention
command economy - ANSWERsystem where the government determines
what goods should be produced, how much should be produced and the
price at which the goods will be offered for sale
(key feature of any communist society; China, Cuba, North Korea, and former
Soviet Union)
laissez-faire - ANSWERthe belief that an economy functions best when there
is no interference by government
, consumer rights - ANSWER1) right to safety
2) right to be informed
3) right to choose
4) right to be heard
generic products - ANSWERa type of consumer product that lacks a widely
recognized name or logo because it typically isn't advertised
brand name products - ANSWERtype of consumer product that requires
expensive advertising and good marketing
interest - ANSWERmoney paid regularly at a particular rate for the use of
money lent, or the cost of borrowing
mortgages - ANSWERa conveyance of an interest in property as security for
the repayment of money borrowed
financial institutions - ANSWERa place in which an above-average amount of
financial business takes place (ex. banks)
finance charges - ANSWERany additional fee added to the original amount of
a loan (ex. interest added to a balance, service fees for transactions, late fees,
and balance transfer fees)
federal agencies - ANSWERspecial government organizations set up for a
specific purpose such as the management of resources, financial oversight of
industries, or national security issues
