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5 Written questions

5 Matching questions

  1. continuum
  2. market economy
  3. invisible hand
  4. incentive
  5. economics
  1. a an expectation that encourages people to behave in a certain way
  2. b economic system in which decisions on production and consumption of goods and services are based on voluntary exchange in markets
  3. c a range with no clear divisions
  4. d the study of how people seek to satisfy their needs and wants by making choices
  5. e term economists use to describe the self-regulating nature of the marketplace

5 Multiple choice questions

  1. a social and political philosophy based on the belief that democratic means should be used to evenly distribute wealth throughout a society
  2. economic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services
  3. period of change in which an economy moves away from a centrally planned economy toward a market-based system
  4. market in which firms purchase the factors of production from households
  5. 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 True/False questions

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

          

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

          

  3. heavy industryindustry that requires a large capital investment and that produces items used in other industries

          

  4. patriotismthe love of one's country; the passion that inspires a person to serve his or her country

          

  5. safety netgovernment programs that protect people experiencing unfavorable outcomes

          

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