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| method by which economic problems are solved in a society |
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| system in which economic decisions are made by government |
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| system in which decisions are made by historical tradition |
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| system in which decisions are made in response to supply and demand |
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| systematic study of the production, distribution, and consumption of goods and services |
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| Biblical term for contract |
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| quantity of goods or services available for sale |
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| desire of potential buyers for goods and services |
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| a single business that is the only source for a product or service |
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| union of several corporations who unite to eliminate competition and regulate prices |
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| tyoe of socialism that involves government ownership of businesses and industries |
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| type of socialism that involves government control of wages and prices |
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| exces of total revenue over total cost |
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| excess of total cost over total revenue |
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| means by which value is determined |
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a study of eceonomics is important because: a. you have a say in your economy b. God expects you to be a wise steward c. you are involved in economics when you shop and work d. someday you will be an entrepeneur |
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| our resources are______, but our wants are _______ |
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| any economic theory is incomplete without a ________ foundation |
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| Biblical principles that relate to economics include what three things |
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1. ownership of private property 2. written and verbal contracts 3. the right of inheritance |
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| government regulations are examples of the __________ system of economics at work within capitalist nations |
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THE DISTINCTIVES OF CAPITALISM INCLUDE a. competion b. individual initiative c. freedom of choice d. private ownership of property e. overproduction |
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| ________ helps keep prices down and improves quality |
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| If demand is greater than supply, prices are usually _________ |
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In a free enterprise system, ___ enjoy freedom of choice a. workers b. consumers c. entrepeneurs |
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| In a ________________ nation, the majority acts through a parliament |
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| in a ________________ nation, a ruling minority controls the government |
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| Socialists believe that _______ holds all ownership rights, capitalists believe that ___________ hold these righs, but the Bible teaches that _____ holds them |
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| society, individuals, God |
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| To a socialist, profit is a result of exploiting the ________ |
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| most socialists believe in ________ of income |
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| In a free market economy, the interplay of __________________ determines the economic value of goods and services |
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| communism developed from the writings of whom? |
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| communism attempts to end capitalism through what |
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| Has communism failed in most nations where it has been tried? |
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| does communism advocate expropriation of private property? |
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| what advocates a gradual transfer of the means of production to public ownership |
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| from whose writings did socialism develop? |
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