10-22 Prequiz

Question 1

People choose their own occupations, employers, and use for their own money

Answer 1

Economic freedom

Question 2

People recognize that resources are scarce and that factors of production must be used wisely.

If wasted fewer wants and needs are met

Answer 2

Economic efficiency

Question 3

Equal pay for equal work
No discrimination
Minimum wage
“Lemon laws”

Answer 3

Economic equity

Question 4

Desire protection from such adverse economic events as layoffs and illness

Programs
Insurance
Social security

Answer 4

Economic security

Question 5

People want their economic system to provide as many jobs as possible- no job you can’t provide

Employment Act of 1946

Answer 5

Full employment

Question 6

Goal to have stable prices
Protection from inflation and helps people with fixed incomes
Price stability adds a degree of certainty to the future for businesses and consumers

Answer 6

Price stability