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of 38 available terms

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5 Written Questions

5 Matching Questions

  1. socialism
  2. private property
  3. traditional economy
  4. factors of production
  5. invisible hand
  1. a property owned by individuals or companies, not by the government or by the people as a whole
  2. b economic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services
  3. c a social and political philosophy based on the belief that democratic means should be used to evenly distribute wealth throughout a society
  4. d term economists use to describe the self-regulating nature of the marketplace
  5. e land, labor, and capital

5 Multiple Choice Questions

  1. one's own personal gain
  2. economic system in which the central government makes all decisions on the production and consumption of goods and services
  3. the methos used by a society to produce and distribute goods and services
  4. an economic system characterized by private or corporate ownership of capital goods; investments that are determined by private decision rather than by state control; and determined in a free market
  5. the struggle among producers for the dollars of consumers

5 True/False Questions

  1. thinking at the marginterm economists use to describe the self-regulating nature of the marketplace

          

  2. 4thEntrepreneurs

          

  3. 5thTechnology

          

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

          

  5. privatizeto sell state-run firms to individuals

          

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