Name:_________________________
Block:_______Date:______________
Economics CBM #2
Chapters 3 and 4
1. _____ Fairness in distribution of resources
2. _____ Here, the factors of production are privately owned and operated for profit
3. _____ Here, economic decisions are left up to individuals
4. _____ Here, economic decisions are made by the government
5. _____ A generally accepted medium of exchange that can be traded for stuff
6. _____ People have to rely on others for most of their goods and services
7. _____ One party can produce a good or service with fewer resources than another
8. _____ One party can produce a good or service at a lower opportunity cost than another
9. _____ Here, both the government and individuals make economic decisions
10. _____ Every society coordinates production and consumption with this
11. _____ Here, economic decisions are based on what your parents did
12. _____ Income earned from sale or rent of a factor of production
13. _____ Exchange of goods or services without money
14. _____ Both parties expect to gain from this
15. _____ Different tasks for different people
16. _____ Development of skills or knowledge about a job
a.
b.
c.
d.
e.
f.
g.
h.
absolute advantage
barter
command economy
comparative advantage
division of labor
economic equity
economic interdependence
economic system
i.
j.
k.
l.
m.
n.
o.
p.
factor payment
free enterprise system
market economy
mixed economy
money
specialization
traditional economy
voluntary exchange