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5 Written questions

5 Matching questions

  1. patriotism
  2. factor payments
  3. factor market
  4. centrally planned economy
  5. firm
  1. a economic system in which the central government makes all decisions on the production and consumption of goods and services
  2. b market in which firms purchase the factors of production from households
  3. c the income people receive for supplying factors of production, such as land, labor, or capital
  4. d an organization that uses resources to produce a product which it then sells
  5. e the love of one's country; the passion that inspires a person to serve his or her country

5 Multiple choice questions

  1. market-based economic system with limited government involvement
  2. industry that requires a large capital investment and that produces items used in other industries
  3. level of economic prosperity
  4. the study of how people seek to satisfy their needs and wants by making choices
  5. deciding whether to do or use one additional unit of some resource (one more or less)

5 True/False questions

  1. free enterprisean 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. householda person or group of people living in the same residence

          

  3. transitionthe struggle among producers for the dollars of consumers

          

  4. marketan organization that uses resources to produce a product which it then sells

          

  5. competitionthe struggle among producers for the dollars of consumers

          

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