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5 Written questions

5 Matching questions

  1. standard of living
  2. private property
  3. factor market
  4. communism
  5. market economy
  1. a economic system in which decisions on production and consumption of goods and services are based on voluntary exchange in markets
  2. b property owned by individuals or companies, not by the government or by the people as a whole
  3. c level of economic prosperity
  4. d a political system characterized by a centrally planned economy with all economic and political power resting in the hands of the central government
  5. e market in which firms purchase the factors of production from households

5 Multiple choice questions

  1. a range with no clear divisions
  2. a social and political philosophy based on the belief that democratic means should be used to evenly distribute wealth throughout a society
  3. land, labor, and capital
  4. the love of one's country; the passion that inspires a person to serve his or her country
  5. the struggle among producers for the dollars of consumers

5 True/False questions

  1. collectivelarge farm leased from the state to groups of peasant farmers


  2. 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


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


  4. householda person or group of people living in the same residence


  5. safety netgovernment programs that protect people experiencing unfavorable outcomes