1. 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 LARRY CURLYMOESHEMP CURLY JOE

2. What is the level of economic prosperity in an area called?

3. standard of living

4. What are government programs that protect people experiencing unfavorable economic conditions?

5. safety net

6. What is the act of concentrating production on a limited number of activities called?

7. specialization

8. What is the method used by a society to produce and distribute goods and services?

9. economic system

10. What is the income people receive for supplying land, labor, or capital called?

11. factor payments

12. What is the financial gain made in a transaction called?

13. profit

14. What's another name for an economy centrally planned by the government?

15. command economy

16. What is one's own personal gain called?

17. self-interest

18. What is it called to have a strict obedience to someone such as a dictator?

19. authoritarian

20. What is the power of consumers to decide what gets produced?

21. consumer sovereignty

22. What arrangement allows buyers and sellers to exchange things?

23. market

24. What economic system relies on habit and custom to decide questions of production?

25. traditional economy

26. What is an expectation that encourages people to behave in a certain way called?

27. incentive

28. What term do economists use to describe the self- regulating nature of the marketplace?

29. invisible hand

30. Name the market in which households purchase the goods and services that firms produce.

31. product market

32. What is the struggle among producers for the dollars of consumers called?

33. competition

34. Name the economic system in which production and consumption of goods are based on voluntary exchange in markets.

35. market economy

36. What type of government system gives all the economic and political power to the central government?

37. communism

38. What kind of industry requires large capital investment and produces items used in other industries?

39. heavy industry

40. What was a large Soviet farm leased from the state to groups of peasant farmers called?

41. collective

42. What is it called to sell state-run firms to individuals?

43. privatize

44. What is a market-based economic system with limited government involvement called?

45. mixed economy

46. What system attempts to evenly distribute wealth and political power throughout the society?

47. socialism

48. What is an economic system that permits the conduct of business with minimal government intervention?

49. free enterprise

50. What doctrine states that government generally should not intervene in the marketplace?

51. laissez faire