Economics Chapter 2 Vocabulary review

Question 1

The word "equity" means...…...

Accepted Answer

Fairness

Question 2

It is easier to start your own business in a...….

Accepted Answer

Free enterprise "Market" economy

Question 3

In a capitalist system, most property is...…..

Accepted Answer

Private Property

Question 4

A main characteristic of a pure market economy is...….

Accepted Answer

Unrestricted competition

Question 5

Economic system in which individuals know what is expected of them

Accepted Answer

Traditional Economy

Question 6

Economic system that combines features of all three economic systems

Accepted Answer

Mixed economy

Question 7

Economic system in which economic decisions are made by the government

Accepted Answer

Command Economy

Question 8

Economic system that is most effective in promoting economic growth

Accepted Answer

Market Economy

Question 9

The material well-being of an individual group, or nation

Accepted Answer

Standard of Living

Question 10

Amount left over after all the costs of production have been paid

Accepted Answer

Profit

Question 11

Rivalry among producers and sellers to win consumer business

Accepted Answer

Competition

Question 12

The attempt to balance an economic policy so that it is fair for everyone

Accepted Answer

Economic Equity

Question 13

Economic system in which the government minimizes its interference in the economy

Accepted Answer

Laissez-faire

Question 14

Economic system in which economic decisions are made by individuals not the government

Accepted Answer

Market economy

Questions 14