Unit 2 Test Review

Front

An economic system is best defined as a(n) organized method of allocating scarce resources.

Back

organized method of allocating scarce resources.

Front

All of the following are considered 1 of the 3 economic questions EXCEPT: What goods and services should be produced? Who should these goods and services be produced for? How should these goods and services be produced?

Back

Why should we produce goods and services?

Front

This economy relies on the way things have always been done, custom and rituals dictate a person's role in society.

Back

traditional

Front

Economic decisions are based on the voluntary exchange of households and firms in this type of economic system.

Back

market

Front

In this type of system, the economic questions are based upon central planners in government.

Back

command

Front

Making the most of scarce resources focuses on the goal of economic

Back

efficiency

Front

If you lose your job in this country you can claim unemployment and collect money to help you until you can find another job. This is because of economic

Back

security

Front

In the U.S. we have a calm assurance that we can get consistent access to energy resources and food, which is representative of economic

Back

predictability

Front

Being paid based on your skill level is an example of economic

Back

equity

Front

Improving the standard of living and overall production from quarter to quarter, year to year and generation to generation in the economy is the focus of economic

Back

growth