Econ Chp 1 and 2 review

Higher education and on the job training increases

• literacy rate
• human capital
• capital goods
• entreprenuer

What term describes the tools and technology used to make a product?

• capital goods
• human capital
• exports
• imports

If a country has a high literacy rate, how does it affect standard of living?

• It does not affect it.
• It is also high.
• It is lower.
• It does nothing.

Mechanism through which buyers and sellers of an economic product or service come together

• Socialism
• Mixed Economy
• Market
• Privatization

Efficient way to allocating resources and productin and distributing goods and services in a society

• Economic System
• Government Economics
• Barter System
• Stock Market

System in which economic activity is driven by supply, demand, and the price system

• Capitalism
• Socialism
• Communism

Conversion of state-owned property to individual ownership

• Privatization
• Nationalization

Economic shift from private ownership to government ownership

• Nationalization
• Privatization

In which economic system do private individuals and government SHARE control of the economy?

• capitalism

• socialism

• communism

• anarchism

In this form of capitalism, the government adopts a "hands-off" policy toward the economy.

• laissez-faire capitalism

• mixed economy

• anarcho-capitalism

• feudalism