Economics

3. The higher the level of government intervention, the more the economy will lean towards operating like a?
4. What is it called when goverment has complete control over economic decisions?
5. To reduce the opportunity gap between the rich and poor is the definition of?
8. What is an economy with no goverment intervention called?
9. Ways does the government intervention to address market failure use that starts with "i"?
11. ___ goods are goods which have harmful impacts on consumers or society, e.g drugs
12. ___ good is one that is beneficial to society, but consumers underconsume it as they do not fully recognise the private or external benefits.
13. The three economics questions determines ___.
14. In a global economy, governments choose to support key industries so as to help them remain competitive is the definition of?

1. Market ___ when there is a less than optimum allocation of resources from the point of view of society.
2. What are the three fundamental economic questions?
4. What allocates scarce resources, with rising prices indicating a shortage and falling prices indicating a surplus?
6. ___ what a producer, consumer, or government actually pays to produce or consume a good or service.
7. What is it called when entrepreneurs maximise profits, workers maximise wages, and consumers maximise satisfaction?
10. ___ is the benefit not factored into the market transaction.