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of 38 available terms

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5 Written Questions

5 Matching Questions

  1. transition
  2. economics
  3. continuum
  4. self-interest
  5. authoritarian
  1. a the study of how people seek to satisfy their needs and wants by making choices
  2. b one's own personal gain
  3. c a range with no clear divisions
  4. d period of change in which an economy moves away from a centrally planned economy toward a market-based system
  5. e requiring strict obedience to an authority, such as a dictator

5 Multiple Choice Questions

  1. 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
  2. level of economic prosperity
  3. the methos used by a society to produce and distribute goods and services
  4. the love of one's country; the passion that inspires a person to serve his or her country
  5. the doctrine that states that government generally should not intervene in the marketplace

5 True/False Questions

  1. heavy industrygovernment programs that protect people experiencing unfavorable outcomes


  2. factors of productionthe income people receive for supplying factors of production, such as land, labor, or capital


  3. product marketmarket in which firms purchase the factors of production from households


  4. competitionlarge farm leased from the state to groups of peasant farmers


  5. command economyeconomic system in which a central authority is in command of the economy; a centrally planned economy


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