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5 Written questions

5 Matching questions

  1. factor payments
  2. specialization
  3. socialism
  4. transition
  5. product market
  1. a period of change in which an economy moves away from a centrally planned economy toward a market-based system
  2. b the market in which households purchase the goods and services that firms produce
  3. c the income people receive for supplying factors of production, such as land, labor, or capital
  4. d a social and political philosophy based on the belief that democratic means should be used to evenly distribute wealth throughout a society
  5. e the concentration of the productive efforts of individuals and firms on a limited number of activities

5 Multiple choice questions

  1. requiring strict obedience to an authority, such as a dictator
  2. the doctrine that states that government generally should not intervene in the marketplace
  3. one's own personal gain
  4. the power of consumers to decide what gets produced
  5. industry that requires a large capital investment and that produces items used in other industries

5 True/False questions

  1. continuuma range with no clear divisions


  2. invisible handterm economists use to describe the self-regulating nature of the marketplace


  3. collectivean expectation that encourages people to behave in a certain way


  4. 5thEntrepreneurs


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