Final Exam Review

A phrase expressing the idea that a country decides to produce more military goods instead of consumer goods .

A difference between the economies of Communist China and Communist North Korea is that

The principle that people may decide what, when and how they want to buy and sell

Each society answers the THREE BASIC ECONOMC QUESTIONS based on

Which of the following is part of communism but not socialism?

Information about populations of people

Social welfare programs that people are entitled to benefit from when they meet certain criteria:

Economic and political systems based on the belief that wealth should be distributed evenly throughout a society.

The study of how people seek to satisfy their needs and wants by making choices:

How could government limit the negative externalities of a highway near a residential neighborhood ?

When consumers want more of a good or service than producers are willing to make available at a particular price.

The total amount of all the goods and services that a nation produces with a given year is said to be that nations:

Two goods that are used together

What is one way the government encourages people to give to charity?

A tax on the production or sale of a good

Taking tax payments out of an employee’s pay before he or she receives it:

What is the difference between a shortage and scarcity?

What is one way the government might try to promote economic growth?

When government owns and controls all resources and means of production and makes all economic decisions:

The share of earnings given by a franchisee as payment to a franchise.

Which of the following is an example of changing physical capital?

Which of the following people is an entrepreneur?

The right of a government to take private property for public use.

The principle that limited amounts of goods and services are available to meet unlimited wants:

If you choose between two summer jobs, what is the one you do NOT choose called?