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5 Written questions

5 Matching questions

  1. continuum
  2. centrally planned economy
  3. economic system
  4. free enterprise
  5. self-interest
  1. a one's own personal gain
  2. b 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
  3. c a range with no clear divisions
  4. d the methos used by a society to produce and distribute goods and services
  5. e economic system in which the central government makes all decisions on the production and consumption of goods and services

5 Multiple choice questions

  1. government programs that protect people experiencing unfavorable outcomes
  2. deciding whether to do or use one additional unit of some resource (one more or less)
  3. economic system in which decisions on production and consumption of goods and services are based on voluntary exchange in markets
  4. a person or group of people living in the same residence
  5. the market in which households purchase the goods and services that firms produce

5 True/False questions

  1. factor paymentsthe income people receive for supplying factors of production, such as land, labor, or capital


  2. laissez fairethe doctrine that states that government generally should not intervene in the marketplace


  3. transitionperiod of change in which an economy moves away from a centrally planned economy toward a market-based system


  4. standard of livinglevel of economic prosperity


  5. factors of productionland, labor, and capital