
Econ ch. 2
Authored by Lucy Cheyenne
Social Studies
12th Grade
Used 5+ times

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22 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
economic system in which supply, demand, and the price system help people make economic decisions and allocate resources. (ex. Great Britain, Australia and the U.S. is often put in this category)
Modified free enterprise economy (market economies, capitalistic, or pure free enterprise)
Traditional Economy
Command Economy
Mixed Economy
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Producers and sellers compete with one another to attract consumers, while lowering costs. Consumers compete with one another to obtain the best products at the lowest prices.
Profit
Inflation
Competition
Capitalism
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Role of consumer as ruler of the market when determining the types of goods and services produced.
Buyer
Seller
Voluntary exchange
Consumer sovereignty
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The extent which a person or organization is better off financially at the end of a period of time than they were at the beginning.
Income
Profit
Profit motive
Social Security
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Economic system in which the allocation of scarce resources and other economic activities are based on ritual, habit, or custom. (ex. Indigenous people such as the central African Mbuti or the Australian Aborigines)
Command Economy
Mixed Economy
Modified Free Enterprise Economy
Traditional Economy
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A rise in the general level of prices over time.
Inflation
Fixed income
Capitalism
Social Security
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Federal program of disability and retirement benefits that covers most working people.
Inflation
Profit
Social Security
Fixed Income
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