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5 Written questions

5 Matching questions

  1. safety net
  2. factor payments
  3. continuum
  4. firm
  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 a range with no clear divisions
  3. c the income people receive for supplying factors of production, such as land, labor, or capital
  4. d government programs that protect people experiencing unfavorable outcomes
  5. e an organization that uses resources to produce a product which it then sells

5 Multiple choice questions

  1. level of economic prosperity
  2. economic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services
  3. the methos used by a society to produce and distribute goods and services
  4. market-based economic system with limited government involvement
  5. deciding whether to do or use one additional unit of some resource (one more or less)

5 True/False questions

  1. private propertyto sell state-run firms to individuals

          

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

          

  3. 5thTechnology

          

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

          

  5. invisible handa person or group of people living in the same residence