Chapter 8 Assessment

Match the following definitions to the correct word.

The body of knowledge that relates to producing and using goods and services that satisfy human wants is called

The ability of a good or a service to satisfy a want is called

The three primary economic systems are: ​ ​ (a)   ,​ (b)   , and ​ (c)  

An organized way for a country to decide how to use its productive resources is called a(n)

Jax lives in a country where only individual buying decisions in the marketplace determine WHAT, HOW, and for WHOM goods and services will be produced. Jax lives in a country that has primarily a

The three questions all societies aim to answer is ​ (a)   to produce, ​ (b)   to produce for, and ​ (c)   to produce.

Items of value that individuals have the right to use, sell and or own are known as

(a)  

What are the three problems that can occur within an economy when the growth rate is too fast or too slow?

The factors of production include: