Economics Vocabulary Chapter 3
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | government decides; no incentive; don't get paid more if you make more
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| market economy | show 🗑
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| economic freedom | show 🗑
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| full employment | show 🗑
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| economic equity | show 🗑
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| economic growth | show 🗑
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| show | the idea that the less fortunate members of society should get the economic support they need to live a decent life
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| economic stability | show 🗑
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| show | a society's way of coordinating the production and consumption of goods and services
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| show | an economic system in which decisions about production and consumption are based on custom and tradition (focus on stability and security)_
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| show | an economic system in which decisions about production and consumption are made by a powerful ruler or government (focus on equity and security)
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| show | an economic system in which economic decisions are left up to individual producers and consumers (focus on efficiency and freedom)
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| free market economy | show 🗑
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| circular flow model | show 🗑
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| household | show 🗑
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| firm | show 🗑
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| show | a market in which firms sell goods and services to households
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| factor market | show 🗑
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| factor payment | show 🗑
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| Industrial Revolution | show 🗑
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| capitalist | show 🗑
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| capitalism | show 🗑
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| socialism | show 🗑
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| show | a political and economic system in which all property and wealth is collectively owned by all members of society; the final stage of socialism in Marxist theory
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| show | the process by which economic decisions are made or influenced by central governments rather than by private individuals
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| mixed economy | show 🗑
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| show | government financed projects such as dams, highways, and bridges
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| show | a government payment to a household or firm for which the payer receives no good or service in return; examples include Social Security checks and unemployment benefits
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| free enterprise system | show 🗑
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| laissez-faire | show 🗑
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| show | an agreement between a buyer and a seller
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| property rights | show 🗑
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| intellectual property | show 🗑
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| show | a legal protection that gives inventors the sole right to make, sue or sell their inventions for a fixed number of years
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| copyright | show 🗑
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| profit | show 🗑
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| profit motive | show 🗑
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
Ms.Sala
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