Unit Test Part 2: The Game of Economics
Answer the following questions based on what you have learned about the game of economics.
(2 points)Score
Define economics using the following terms: allocation, distribution, goods, resources, production, and services.
(2 points)Score
What is scarcity, and how does it affect supply and demand in the game of economics?
(5 points)Score
List the main differences between a free-market system, a command economy, and a mixed economy.
(2 points)Score
What type of economic system does the United States have? Explain.
(5 points)Score
Name the three factors of production and two payment types in the circular flow model. You may draw a diagram and label the necessary components if you wish.
(5 points)Score
Describe how subjectivity and other factors affect a person’s calculation of cost and benefit. Give an example of a cost-benefit analysis you have performed.
(2 points)Score
What is technology? Name the two forms that technological advancement can take.
(2 points)Score
Give an example of a technology that led to greater productivity and explain how it did so.
