Economics Chapter 2 and 3

Economic system in which private citizens own and use resources to make a profit

The dollar value of all final goods, services, and structures produced in a country in a year

Protection from layoffs, illnesses, injuries or disabilities falls under the goal of :

A rise in the general level of prices

Which of these countries has an economy most similar to that of the former Soviet Union?

Economic system in which supply, demand, and the price system help people allocate resources

______ protect consumers against harm from products on the market.

Economic system in which resource use & social behavior are dictated by ritual,habit, or custom

Conversion of state-owned property to individual ownership

A voluntary act of buyers and sellers freely and willingly engaging in market transactions:

True or False: Gross income is the amount of money that you get paid before taxes and deductions.

Driving force that guides people and organizations to improve their material well-being: characteristic of capitalism

Three synonymous terms to describe the US economic system are free enterprise, capitalism and:

Economic system that includes characteristics of a traditional, command, and market economies

Number of people per square mile of land area

Which of these statements is descriptive of a market economy?

Which of these economic systems have the least in common.

In its role as protector of the American free enterprise system, one of the issues the government must deal with is:

A national policy of avoiding international alliances and economic interactions

True or False: Your monthly rent payment is an example of a fixed expense.

A federal program of disability and retirement benefits that covers most working people

The worst period of economic decline in U.S. history that lasted from 1929 - 1939

Which of these statements describes a disadvantage of a traditional economy?

The role of the consumer as ruler in determining the types of goods and services produced

Economic sector in which goods and services are sold illegally

Who ultimately determines the success of a product?

Economic system characterized by a central authority making the major decisions

Which is one of the benefits related to economic equity?

A federal health insurance program for senior citizens, regardless of income

The shift of an economy, or part of an economy from private ownership to government ownership

True or False: Economic growth is necessary as a nation's population increases.

An organized way a society provides for the wants and needs of people