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5 Written questions

5 Matching questions

  1. laissez faire
  2. authoritarian
  3. economics
  4. traditional economy
  5. heavy industry
  1. a requiring strict obedience to an authority, such as a dictator
  2. b the doctrine that states that government generally should not intervene in the marketplace
  3. c industry that requires a large capital investment and that produces items used in other industries
  4. d the study of how people seek to satisfy their needs and wants by making choices
  5. e economic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services

5 Multiple choice questions

  1. an expectation that encourages people to behave in a certain way
  2. the love of one's country; the passion that inspires a person to serve his or her country
  3. the market in which households purchase the goods and services that firms produce
  4. the income people receive for supplying factors of production, such as land, labor, or capital
  5. land, labor, and capital

5 True/False questions

  1. economic systemthe study of how people seek to satisfy their needs and wants by making choices


  2. consumer sovereigntythe power of consumers to decide what gets produced


  3. 4thTechnology


  4. thinking at the marginmarket in which firms purchase the factors of production from households


  5. specializationthe concentration of the productive efforts of individuals and firms on a limited number of activities


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