WorksheetsEPF Ch 6 Vocab Pt2
Total questions: 16
Worksheet time: 8mins
Name
Class
Date
1.
an individual�s own personal gain
a)
self-interest
b)
incentive
c)
competition
2.
the hope of reward or fear of penalty that encourages a person to behave a certain way
a)
invisible hand
b)
incentive
c)
competition
3.
the struggle among producers for the dollars of consumers
a)
invisible hand
b)
consumer sovereignty
c)
competition
4.
a term coined by Adam Smith to describe the self-regulating nature of the marketplace
a)
invisible hand
b)
consumer sovereignty
c)
communism
5.
the powers of consumers to decide what gets produced
a)
communism
b)
consumer sovereignty
c)
laissez faire
6.
an economic system in which the government makes all decisions on the three key economic questions
a)
invisible hand
b)
command economy
c)
centrally planned economy
7.
another name for a centrally planned economy
a)
command economy
b)
socialism
c)
communism
8.
a range of economic and political systems based on the belief that wealth should be distributed evenly throughout society
a)
authoritarian
b)
socialism
c)
invisible hand
9.
a political system in which the government owns and controls all resources and means of production and makes all economic decisions
a)
private property
b)
consumer sovereignty
c)
communism
10.
describing a form of government which limits individual freedoms and requires strict obedience from their citizens
a)
authoritarian
b)
consumer sovereignty
c)
communism
11.
the doctrine that government generally should not intervene in the marketplace
a)
authoritarian
b)
laissez faire
c)
invisible hand
12.
property that is owned by individuals or companies, not by the government or people as a whole
a)
authoritarian
b)
mixed economy
c)
private property
13.
a market-based economic system in which the government is involved to some extent
a)
mixed economy
b)
consumer sovereignty
c)
laissez faire
14.
a period of change in which a nation moves from one economic system to another
a)
laissez faire
b)
economic transition
c)
private property
15.
the process of selling businesses or services operated by the government to individual investors, and then allowing them to compete in the marketplace
a)
consumer sovereignty
b)
authoritarian
c)
privatization
16.
an economic system in which investments in firms are made in a free market by private decision rather than by state control
a)
free enterprise system
b)
private property
c)
laissez faire
100 %
