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5 Written questions

5 Matching questions

  1. heavy industry
  2. household
  3. market
  4. firm
  5. continuum
  1. a a range with no clear divisions
  2. b an organization that uses resources to produce a product which it then sells
  3. c an arrangement that allows buyers and sellers to exchange things
  4. d a person or group of people living in the same residence
  5. e industry that requires a large capital investment and that produces items used in other industries

5 Multiple choice questions

  1. government programs that protect people experiencing unfavorable outcomes
  2. the methos used by a society to produce and distribute goods and services
  3. market-based economic system with limited government involvement
  4. the market in which households purchase the goods and services that firms produce
  5. the study of how people seek to satisfy their needs and wants by making choices

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. profitthe financial gain made in a transaction


  3. thinking at the marginmarket in which firms purchase the factors of production from households


  4. centrally planned economyeconomic system in which a central authority is in command of the economy; a centrally planned economy


  5. 4thEntrepreneurs