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Economics Essay

414 words - 2 pages

The Game of Economics

| 1.5.3 Test (TS): The Game of Economics | Test |
|
| |
| U.S. and Global Economics (S3234837) | Jenna M. Snider |
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| Points possible: 50 | Date: ____________ |
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1. Define each of the terms in the table below. Use the first six terms to define the seventh. (15 points)
Term | Definition |
Allocation |
The action of distributing something
|
Resources |
A stock or supply of money, materials, and other assets that can be drawn on by a person or organization in order to function effectively |
Production |
The action of making or manufacturing from components or raw materials |
Distribution |
The process of making a product or ...view middle of the document...

(10 points)

Economic Goal | Description |
Freedom |

 The key to greater opportunity and an improved quality of life.
|
Efficiency |
A state where every resource is allocated optimally so that each person is served in the best possible way and inefficiency and waste are minimized. |
Growth |
An increase in the capacity of an economy to produce goods and services, compared from one period of time to another.
|
Security |

A situation of having a stable source of financial income that allows for the on-going maintenance of one's standard of living currently and in the near future.
|
Equity |

Fairness or evenness, and achieving it is considered to be an economic objective. 
|
3. List the main differences between a free-market system, a command economy, and a mixed economy. (9 points)

4. Label each side of the circular flow diagram, along with the factors being exchanged. Below the chart, write an explanation that describes the process being shown. (10 points) 

Use the following labels: Land Labor Capital; Producers; Wages Payments Profit; Goods and Services; Consumers; Consumer Purchases

5. Fill in the table by describing how each example of a technological innovation led to greater productivity. (6 points)
Example | How It Increased Productivity |
Power tools |

|
Assembly line |

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