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5 Written questions

5 Matching questions

  1. self-interest
  2. consumer sovereignty
  3. household
  4. market economy
  5. factors of production
  1. a one's own personal gain
  2. b the power of consumers to decide what gets produced
  3. c land, labor, and capital
  4. d economic system in which decisions on production and consumption of goods and services are based on voluntary exchange in markets
  5. e a person or group of people living in the same residence

5 Multiple choice questions

  1. the doctrine that states that government generally should not intervene in the marketplace
  2. the study of how people seek to satisfy their needs and wants by making choices
  3. Entrepreneurs
  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. Technology

5 True/False questions

  1. socialisma political system characterized by a centrally planned economy with all economic and political power resting in the hands of the central government


  2. transitionthe struggle among producers for the dollars of consumers


  3. private propertyproperty owned by individuals or companies, not by the government or by the people as a whole


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


  5. traditional economyeconomic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services


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