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5 Written questions

5 Matching questions

  1. market economy
  2. centrally planned economy
  3. mixed economy
  4. thinking at the margin
  5. command economy
  1. a economic system in which the central government makes all decisions on the production and consumption of goods and services
  2. b economic system in which a central authority is in command of the economy; a centrally planned economy
  3. c deciding whether to do or use one additional unit of some resource (one more or less)
  4. d economic system in which decisions on production and consumption of goods and services are based on voluntary exchange in markets
  5. e market-based economic system with limited government involvement

5 Multiple choice questions

  1. the methos used by a society to produce and distribute goods and services
  2. the power of consumers to decide what gets produced
  3. the financial gain made in a transaction
  4. one's own personal gain
  5. an organization that uses resources to produce a product which it then sells

5 True/False questions

  1. laissez fairethe doctrine that states that government generally should not intervene in the marketplace


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


  3. factors of productionland, labor, and capital


  4. socialisma social and political philosophy based on the belief that democratic means should be used to evenly distribute wealth throughout a society


  5. free enterpriseone's own personal gain


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