Intro to Business Chapter 2: Economic Systems UNIT TEST Name ...
Intro to Business Chapter 2: Economic Systems UNIT TEST Name ...
Intro to Business Chapter 2: Economic Systems UNIT TEST Name ...
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<strong>Intro</strong> <strong>to</strong> <strong>Business</strong> <strong>Chapter</strong> 2: <strong>Economic</strong> <strong>Systems</strong> <strong>UNIT</strong> <strong>TEST</strong><strong>Name</strong>: Period: Date:Identification: 5 ptsThe three questions every economic system must answer in its efforts <strong>to</strong> solve thebasic economic problem (Scarcity) are: Write your answers below???1—WHAT TO PRODUCE2—HOW TO PRODUCE3—FOR WHOM TO PRODUCEIdentification: 5 ptsWhat are the FIVE CHARACTERISTICS of a market economy:1—Private enterprise2—Private property3—Profit4—Competition5—Freedom of choice10 point Bonus QuestionLIST THE SIX STEPS IN THE DECISION-MAKING PROCESS:1. Identify the Problem2. Identify the choices3. Evaluate the advantages and disadvantages of each choice4. Choose5. Act6. Evaluate the outcomeOSI 2002-2003 PAGE: 6
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