Economics Exam (Ch. 16)

The branch of economics that studies how households and firms buy, sell, and allocate resources.

• Microeconomics

• Free market economy

• Capital

• Economic competition

• Decentered Self

The branch of economics that studies how large economies function as a whole.

• Macroeconomics

• Economic competition

• Capital

• Decentered Self

• Free market economy

An economy in which economic decisions are freely made by households and firms.

• Decentered Self

• Capital

• Jizyah

• Free market economy

• Economic competition

Goods used to produce other goods and services.

• Jizyah

• Free market economy

• Decentered Self

• Capital

• Economic competition

The belief that human beings are social constructs and not unified rational individuals with an objective human nature.

• Free market economy

• Decentered Self

• Jizyah

• Capital

• Economic competition

From the Arabic word translated as "nation," the collective community of Muslims around the world.

• Decentered Self

• Capital

• Free market economy

• Ummah

• Economic competition

The third pillar of Islam, the donation of 2.5 percent of a Muslim's annual income.

• Zakat

• Capital

• Free market economy

• Decentered Self

• Economic competition

An Arabic word meaning either interest or excessive interest.

• Decentered Self

• Capital

• Riba

• Economic competition

• Free market economy

A tax imposed on dhimmis living in Islamic states.

• Free market economy

• Economic competition

• Decentered Self

• Jizyah

• Capital

Rivalry between two or more companies to offer the best products, at the best price, and at the highest profit margins.

• Capital

• Economic competition

• Jizyah

• Free market economy

• Decentered Self