1 economy. A) The organized way a nation provides for its population’s needs and wants B) A political system that defines how resources can be used C) The same thing as factors of production D) The measurement of how much a country’s people earn on average 2 A) An economic system where there is no government involvement, the people are in control B) An economic system in which a government makes economic decisions about what, when, and how much will be produced and distributed C) It is the economic system most often associated with democratic countries D) An economic system where the market determines demand 3 A) Expansion, recession, trough, and recovery B) Depression, recession, and peak C) Expansion and recession D) Expansion, inflation, recession, and depression 4 A) The resources of a country B) land, labor, capital, infrastructure, and entrepreneurship C) land and labor D) The GNP, the GDP, and the CPI 5 A) There is no government involvement in economic decisions B) It is a traditional economic system C) it is a mixed economy D) Businesses cannot decide how much goods to produce
.
