Unit 2 Review Questions And Answers
Unit Two – Test Questions
Review Questions
1. What are three economic stances that a government may have? Describe each of these stances.
1. Static: Sticking to the status quo in the government.
2. Progressive: Increasing the citizen’s equality and improving life for every citizen.
3. Fiscal Policy: The use of taxes and spending.
2. What are the four different types of economic resources? Describe each type.
Labor: Labor is the work done by humans to sell consumer goods. Labor is very important. Without it, we couldn’t make money or have any way to buy our needed and wanted items.
Land: Land is economics only and main link to all natural resources necessary. Land is usually limited for economics, and is used for things like farms and fisheries. …show more content…
What is an open outcry? An open outcry is a form of trading where the traders are shouting their contracts and bids out loud.
5. What is trading? Describe some of the ways that trading takes place.
Trading is a financial market system where people seek short-term moves for prices instead of long term. Trading items can be exported or imported. Businesses can also meet in places. It is often global with bigger companies.
Critical Thinking Questions
1. Choose one current event. Describe the event and discuss the economic implications of this event. What economic effects might this have at the individual and societal levels?
One current event is who is next to be elected for president. There is a man named Trump running, and it seems like no one likes any decisions he wants to make about our country. For example, banding Muslims. This affects us economically and individually because we all want what is best for us and our country, we want good change.
2. What are the costs of "freebie" items
When it comes to freebie items, you may not have to exchange money, but you do exchange things that matter to an individual. Things like personal information and unnecessary effort are given to someone who could scam
Review Questions
1. What are three economic stances that a government may have? Describe each of these stances.
1. Static: Sticking to the status quo in the government.
2. Progressive: Increasing the citizen’s equality and improving life for every citizen.
3. Fiscal Policy: The use of taxes and spending.
2. What are the four different types of economic resources? Describe each type.
Labor: Labor is the work done by humans to sell consumer goods. Labor is very important. Without it, we couldn’t make money or have any way to buy our needed and wanted items.
Land: Land is economics only and main link to all natural resources necessary. Land is usually limited for economics, and is used for things like farms and fisheries. …show more content…
What is an open outcry? An open outcry is a form of trading where the traders are shouting their contracts and bids out loud.
5. What is trading? Describe some of the ways that trading takes place.
Trading is a financial market system where people seek short-term moves for prices instead of long term. Trading items can be exported or imported. Businesses can also meet in places. It is often global with bigger companies.
Critical Thinking Questions
1. Choose one current event. Describe the event and discuss the economic implications of this event. What economic effects might this have at the individual and societal levels?
One current event is who is next to be elected for president. There is a man named Trump running, and it seems like no one likes any decisions he wants to make about our country. For example, banding Muslims. This affects us economically and individually because we all want what is best for us and our country, we want good change.
2. What are the costs of "freebie" items
When it comes to freebie items, you may not have to exchange money, but you do exchange things that matter to an individual. Things like personal information and unnecessary effort are given to someone who could scam