
Econ Lesson 3 Vocab
Authored by Paula Samal
Social Studies
11th Grade
23 Questions
CCSS covered

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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is Economic Freedom?
The ability of people to make their own economic decisions without interference from the government.
The fairness with which an economy distributes its resources and wealth.
A condition in which everyone who wants to work can find a job.
A diagram that shows the circular movement of money, resources, and goods and services.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does Economic Equity refer to?
The ability of people to make their own economic decisions without interference from the government.
The fairness with which an economy distributes its resources and wealth.
A condition in which everyone who wants to work can find a job.
A condition in which the goods and services people count on are available when they want them.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a Market Economy?
An economic system in which the workings of the market are not planned or directed.
An economic system in which decisions about production and consumption are made by a powerful ruler or government.
An economic system in which decisions about production and consumption are based on custom and tradition.
An economic system in which economic decisions are left up to individual producers and consumers.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the Circular Flow Model?
A market in which firms sell goods and services to households.
A condition in which an economy is expanding and producing more and better goods and services.
A market in which households sell land, labor, and capital to firms.
A diagram that shows the circular movement of money, resources, and goods and services among households and producers in an economy.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is Socialism?
A condition in which the goods and services people count on are available when they want them.
A condition in which everyone who wants to work can find a job.
An economic system in which economic decisions are left up to individual producers and consumers.
A political and economic philosophy based on collective or government ownership of a society’s resources and means of production.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a Transfer Payment?
An agreement between a buyer and a seller.
A government payment to a household or firm for which the payer receives no good or service in return.
Income earned when an individual sells or rents a factor of production that he or she owns.
The money earned by a business after subtracting its operation costs.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a Patent?
A legal protection that gives inventors the sole right to make, use, or sell their inventions for a fixed number of years.
A legal protection that gives creators and publishers the sole right to distribute, perform, or display their work.
The desire to make a profit.
The rights of those who own land, buildings, or other goods to use or dispose of their property as they choose.
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