economic problems of the country

Question 1

It has been a problem even before
the pandemic began due to the shutdown (closing) of many establishments which resulted in an increased rate of unemployment that eventually worsened the problem

Answer 1

unemployment

Question 2

As the cost of goods and services rises, the buying power of the dollar falls

Answer 2

inflation

Question 3

measures the change, up or down, of the necessities of life, like food, housing,
and healthcare

Answer 3

cost of living

Question 4

The implication of an expanded population is the enlargement of labor force in the future.

Answer 4

demographic

Question 5

economic system:

Answer 5

traditional economy
command economy
market economy
mixed economy

Question 6

decisions are based on tradition and practices upheld over the years and passed on from generation to generation

Answer 6

traditional economy

Question 7

authoritative system wherein decision making is centralized in the government

Answer 7

command economy

Question 8

the most democratic form of economic system

Answer 8

market economy

Question 9

combined features of market and command economy

Answer 9

mixed economy