Topic 2 Lessons 6 & 7 Review (Economics)

__________ is the study of economic behavior and decision-making on a national level.

Typically, these services or goods are provided by the government and paid for through taxation. Examples of these include law enforcement, national defense, and the rule of law.

• private good

• public good

• microeconomics

• infrastructure

When we study economics on a smaller level, like households and businesses, this is considered __________.

Public goods and services are usually financed via the ​ (a)   . Some examples of these include firefighters, paramedics, and public transportation.

• public sector
• private sector
• economy
• capitalism

One of the biggest ways to measure a country's economic health, is by looking at the __________.

• unemployment

• jobs report

• gross domestic product

• poverty threshold

The U.S. government plays a big role in the economy by encouraging innovation through ________ and copyrights. Both of these gives the inventor exclusive rights to produce or sell something.

• laws

• infrastructure

• regulations

• patents

The private sector is the part of the economy that is run by individuals and companies for profit and is not state-controlled. Therefore, it encompasses all for-profit businesses that are not owned or operated by the government.

• True

• False

__________ is a general term for governemnt aid for the poor. It includes many types of programs that redistribute from some people to others.

​ (a)   is a vital part of America's ​ (b)   . These are considered basic facilities that are necessary for a society and economy to function and grow efficiently.

• Transportation
• infrastructure
• citizens
• roads
• money
• politicians

A patent, given by the government, grants an author exclusive rights to publish and sell creative works.

• True

• False