NAME: ________________________

Economics- Chapter 2 Test

Question Types


Start With


Question Limit

of 38 available terms

Upgrade to
remove ads

5 Written Questions

5 Matching Questions

  1. factor market
  2. invisible hand
  3. market
  4. traditional economy
  5. free enterprise
  1. a 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. b market in which firms purchase the factors of production from households
  3. c term economists use to describe the self-regulating nature of the marketplace
  4. d an arrangement that allows buyers and sellers to exchange things
  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. property owned by individuals or companies, not by the government or by the people as a whole
  2. government programs that protect people experiencing unfavorable outcomes
  3. the struggle among producers for the dollars of consumers
  4. deciding whether to do or use one additional unit of some resource (one more or less)
  5. economic system in which decisions on production and consumption of goods and services are based on voluntary exchange in markets

5 True/False Questions

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

          

  2. command economymarket-based economic system with limited government involvement

          

  3. heavy industrythe love of one's country; the passion that inspires a person to serve his or her country

          

  4. incentivean expectation that encourages people to behave in a certain way

          

  5. factor paymentsmarket in which firms purchase the factors of production from households

          

Create Set