chapter 2 test\nmatching match each term in the left - column with the correct definition in the right…

chapter 2 test\nmatching match each term in the left - column with the correct definition in the right column, and print its letter in the blank provided. note that no term should be used more than once as an answer to a definition. additionally, some of the terms will not be used.\na. traditional economy\nb. command economy\nc. market economy\nd. gosplan\ne. modified private enterprise economy\nf. voluntary exchange\ng. entrepreneur\nh. profit motive\ni. sanctity of contract\nj. saving\nk. economic system\nl. competition\n1. system under which businesses compete with a minimum of government interference\n2. organized way of providing for the wants and needs of people\n3. system in which a central authority makes the important economic decisions\n4. planning commission that directs the soviet economy\n5. system in which supply, demand, and the price system help people make decisions and allocate resources.\n6. opposite of spending\n7. the act of buyers and sellers freely and willingly taking part in market transactions\n8. individual who takes a business risk in hopes of earning a profit\n9. system under which ritual and custom are the basis for economic activity\n10. incentive for individuals to improve their material well - being\nmultiple choice choose the item that best completes each statement or answers each question. fill in the space under the letter of that item.\n11. in a traditional economy, social and economic roles are:\na. well - defined.\nb. changing constantly.\nc. organized by a complex bureaucracy.\nd. based on individual freedom.\n12. the answers to the basic economic questions in a command economy are based on:\na. consumer demand.\nb. little or no government involvement.

chapter 2 test\nmatching match each term in the left - column with the correct definition in the right column, and print its letter in the blank provided. note that no term should be used more than once as an answer to a definition. additionally, some of the terms will not be used.\na. traditional economy\nb. command economy\nc. market economy\nd. gosplan\ne. modified private enterprise economy\nf. voluntary exchange\ng. entrepreneur\nh. profit motive\ni. sanctity of contract\nj. saving\nk. economic system\nl. competition\n1. system under which businesses compete with a minimum of government interference\n2. organized way of providing for the wants and needs of people\n3. system in which a central authority makes the important economic decisions\n4. planning commission that directs the soviet economy\n5. system in which supply, demand, and the price system help people make decisions and allocate resources.\n6. opposite of spending\n7. the act of buyers and sellers freely and willingly taking part in market transactions\n8. individual who takes a business risk in hopes of earning a profit\n9. system under which ritual and custom are the basis for economic activity\n10. incentive for individuals to improve their material well - being\nmultiple choice choose the item that best completes each statement or answers each question. fill in the space under the letter of that item.\n11. in a traditional economy, social and economic roles are:\na. well - defined.\nb. changing constantly.\nc. organized by a complex bureaucracy.\nd. based on individual freedom.\n12. the answers to the basic economic questions in a command economy are based on:\na. consumer demand.\nb. little or no government involvement.

Answer

Brief Explanations:

  1. A market economy has minimum government interference, so 1 matches C.
  2. An economic system is an organized way to meet people's wants and needs, so 2 matches K.
  3. A command economy has a central - authority making economic decisions, so 3 matches B.
  4. Gosplan directed the Soviet economy, so 4 matches D.
  5. Supply, demand, and price system are key in a market economy, so 5 matches C.
  6. Saving is the opposite of spending, so 6 matches J.
  7. Voluntary exchange is the act of buyers and sellers freely participating in transactions, so 7 matches F.
  8. An entrepreneur takes business risks for profit, so 8 matches G.
  9. Ritual and custom are basis in a traditional economy, so 9 matches A.
  10. Profit motive is the incentive for individuals to improve well - being, so 10 matches H. For 11, in a traditional economy, social and economic roles are well - defined, so the answer is A. For 12, in a command economy, answers to basic economic questions are based on government decisions (not consumer demand or little government involvement), but the options seem incomplete. Assuming the closest relevant concept, it's not among the given options in a proper sense. But if we consider the nature of command economy, it's not consumer - driven.

Answer:

  1. C. market economy
  2. K. economic system
  3. B. command economy
  4. D. Gosplan
  5. C. market economy
  6. J. saving
  7. F. voluntary exchange
  8. G. entrepreneur
  9. A. traditional economy
  10. H. profit motive
  11. A. well - defined
  12. (Options seem incomplete for a proper answer)