matching match each term in the left - column with the correct definition in the right column, and print its…

matching 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. market\nb. profit\nc. entrepreneur\nd. saving\ne. market economy\nf. trade - offs\ng. traditional economy\nh. capitalism\ni. command economy\nj. private property\n1. the result of choices made between conflicting economic goals.\n2. market economy based on private property.\n3. economic system of the soviet union\n4. incentive to produce goods and services\n5. rights and privileges that allow people to control their possessions as they wish\n6. economic system of the eskimo\n7. requirement for investment\n8. risk - taker who enters business\ntrue or false decide whether each statement is true or false. if it is true, fill in the space under the t. if it is false, fill in the space under the f.\n9. an economic system is an organized way of providing for the wants and needs of people.\n10. an advantage of a traditional economy is its flexibility.\n11. an advantage of a command economy is its ability to change directions in a relatively short time.\n12. consumer demands are often ignored in a command economy.\n13. the decision - making process in a market economy is centralized.\n14. a market economy is based on individual economic decisions.\n15. economic freedom is a characteristic of capitalism.\n16. sanctity of contract protects private property rights.\n17. entrepreneurs are guaranteed a profit in a market economy.\n18. the search for higher profits can lead to greater competition, better quality products, and lower prices.\n19. savings are not as important a source for investment as government funds are.\n20. there is little debate in the united states about the “proper” role of government in the economy.

matching 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. market\nb. profit\nc. entrepreneur\nd. saving\ne. market economy\nf. trade - offs\ng. traditional economy\nh. capitalism\ni. command economy\nj. private property\n1. the result of choices made between conflicting economic goals.\n2. market economy based on private property.\n3. economic system of the soviet union\n4. incentive to produce goods and services\n5. rights and privileges that allow people to control their possessions as they wish\n6. economic system of the eskimo\n7. requirement for investment\n8. risk - taker who enters business\ntrue or false decide whether each statement is true or false. if it is true, fill in the space under the t. if it is false, fill in the space under the f.\n9. an economic system is an organized way of providing for the wants and needs of people.\n10. an advantage of a traditional economy is its flexibility.\n11. an advantage of a command economy is its ability to change directions in a relatively short time.\n12. consumer demands are often ignored in a command economy.\n13. the decision - making process in a market economy is centralized.\n14. a market economy is based on individual economic decisions.\n15. economic freedom is a characteristic of capitalism.\n16. sanctity of contract protects private property rights.\n17. entrepreneurs are guaranteed a profit in a market economy.\n18. the search for higher profits can lead to greater competition, better quality products, and lower prices.\n19. savings are not as important a source for investment as government funds are.\n20. there is little debate in the united states about the “proper” role of government in the economy.

Answer

Brief Explanations:

  1. Trade - offs are the result of choices between conflicting economic goals.
  2. Capitalism is a market economy based on private property.
  3. The Soviet Union had a command economy.
  4. Profit is an incentive to produce goods and services.
  5. Private property consists of rights and privileges that allow people to control their possessions as they wish.
  6. The Eskimo had a traditional economy.
  7. Saving is a requirement for investment.
  8. An entrepreneur is a risk - taker who enters business.
  9. True. An economic system organizes the provision for people's wants and needs.
  10. False. Traditional economies are often rigid.
  11. True. Command economies can change directions quickly.
  12. True. Central planning in command economies may ignore consumer demands.
  13. False. Decision - making in a market economy is decentralized.
  14. True. Market economies are based on individual economic decisions.
  15. True. Economic freedom is a key characteristic of capitalism.
  16. True. Sanctity of contract protects private property rights.
  17. False. Entrepreneurs face risks and are not guaranteed a profit.
  18. True. The profit motive can drive competition and quality improvements.
  19. False. Savings are an important source of investment.
  20. False. There is significant debate about the government's role in the US economy.

Answer:

  1. F
  2. H
  3. I
  4. B
  5. J
  6. G
  7. D
  8. C
  9. T
  10. F
  11. T
  12. T
  13. F
  14. T
  15. T
  16. T
  17. F
  18. T
  19. F
  20. F