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5 Written questions

5 Matching questions

  1. household
  2. economics
  3. economic system
  4. centrally planned economy
  5. continuum
  1. a the study of how people seek to satisfy their needs and wants by making choices
  2. b a person or group of people living in the same residence
  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. an organization that uses resources to produce a product which it then sells
  2. a political system characterized by a centrally planned economy with all economic and political power resting in the hands of the central government
  3. one's own personal gain
  4. economic system in which decisions on production and consumption of goods and services are based on voluntary exchange in markets
  5. the market in which households purchase the goods and services that firms produce

5 True/False questions

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


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


  3. incentivelarge farm leased from the state to groups of peasant farmers


  4. profitthe financial gain made in a transaction


  5. factor marketmarket in which firms purchase the factors of production from households