Economics Ch 2 Test Review

What are the 3 types of economies? (click all that apply)

• Command

• Efficiency

• Traditional

• Market

Match the Economic Goals people in the US share:

• best use of scarce resources

• Economic FREEDOM

• protection from economic disasters

• Economic SECURITY

• equal pay for equal work

• Economic EQUITY

• Your choice of job, how you spend your $

• Economic EFFICIENCY

Match the Economic Goals people in the US share:

• as many jobs as possible

• Full Employment

• You will be better off tomorrow

• Price Stability

• Prices won't go up over night

• Economic GROWTH

What does Laissez Faire mean?

• Active, hands on

• Hands off, let it be

• Group work

Minimum wage is...

• lowest legal amount allowed to be paid per hour

• highest legal amount allowed to be paid per hour

• the lowest amount of hours you can work per week

Profit means...

• How much you provide people help in their jobs

• how much you make before taxes

• a financial gain (how much persons or organizations make)

Social Security is a federal program to aid the...

• Unemployed

• Illegal Immigrants

• Disabled and Retired

The most important goal to someone on a fixed income would be...

• Price Stability

  (does not increase, even though prices go up)

• Full employment

  (working 40+ hours/week)

• Future Goals

  (what you want to do in the future)

A rise in the general level of prices is called:

• Deflation

• Inflation

• Expansion

What are three basic needs of any society?

• Food

• Clothing

• Technology

• Shelter