Econ Chapter 2 Vocab Quiz
Authored by Devonte Britt
Social Studies
10th - 12th Grade
Used 99+ times
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38 questions
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1.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
The structure of methods and principles a society uses to produce and distribute goods
Factor Payments
Economic System
Standard of living
Traditional Economy
2.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
The income people receive in return for supplying factors of production
Factor Payments
Economic System
Standard of living
Traditional Economy
3.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Level of economic prosperity
Factor Payments
Economic System
Standard of living
Traditional Economy
4.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Relies on habit, custom, or ritual to answer the three basic economic questions.
Factor Payments
Economic System
Standard of living
Traditional Economy
5.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
The amount of money a business receives in excess of its expenses.
Factor Payments
Innovation
Profit
Safety Net
6.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
The process of bringing new methods, products, or ideas into use
Factor Payments
Innovation
Profit
Safety Net
7.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Set of programs to protect people who face unfavorable economic conditions such as layoffs, injuries, or natural disasters.
Factor Payments
Innovation
Profit
Safety Net
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