The Free Enterprise System

What is a social science?

• It is a type of science that focuses on deep research in the science field.

• It is a type of science that deals with a particular part of human society.

• It represents a research agenda that focuses on doing experimentation with rats.

• it focuses on how people can get a job  in a social science field of study.

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What is the social science called that is concerned with production, distribution, and consumption of goods and services?

• Macroeconomics

• Microeconomics

• Economics agenda

• Economics

How does economics serve people, businesses, and governments?

• It supports the financial aspect.

• It supports the election of people.

• It supports the allocation of resources.

• It supports the gender resources.

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What is it called when our wants exceeds the resources available to satisfy our wants?

• services

• scarcity

• depletion

• abrasion

How are products defined?

• Activities that help producers and consumers.

• Resources that allow for services to be completed.

• Items that are valuable to those in economics.

• Goods produced to meet the needs of consumers.

What are activities called that charge a fee for work completed?

• services

• products

• resources

• produce

Why is an economic system important?

• It distributes available resources used in production of goods and services.

• It provides funding for those that are in low economic statuses.

• It focuses only on government systems that help overseas.

• It produces products and health insurance to consumers.

What is the economic system called in which the individual owns the resources and can use his or her time and resources as desired?

• socialism

• capitalism

• fascism

• communism

Who has ownership of all production resources under the socialism economic system?

• the government

• the state legislature

• the owners

• the public

Who makes the production decisions under a socialism economic system?

• the government

• the public

• the local people

• the consumers