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5 Written questions

5 Matching questions

  1. 5th
  2. centrally planned economy
  3. 4th
  4. competition
  5. profit
  1. a Technology
  2. b economic system in which the central government makes all decisions on the production and consumption of goods and services
  3. c Entrepreneurs
  4. d the financial gain made in a transaction
  5. e the struggle among producers for the dollars of consumers

5 Multiple choice questions

  1. deciding whether to do or use one additional unit of some resource (one more or less)
  2. a political system characterized by a centrally planned economy with all economic and political power resting in the hands of the central government
  3. a social and political philosophy based on the belief that democratic means should be used to evenly distribute wealth throughout a society
  4. the study of how people seek to satisfy their needs and wants by making choices
  5. the power of consumers to decide what gets produced

5 True/False questions

  1. householda political system characterized by a centrally planned economy with all economic and political power resting in the hands of the central government

          

  2. collectivelarge farm leased from the state to groups of peasant farmers

          

  3. factor paymentsthe income people receive for supplying factors of production, such as land, labor, or capital

          

  4. continuuma political system characterized by a centrally planned economy with all economic and political power resting in the hands of the central government

          

  5. product marketthe market in which households purchase the goods and services that firms produce

          

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