8.1.3 eco finlit.docx - 8.1.3 Final Exam Semester Exam Test...

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8.1.3Final Exam:Semester ExamTestEconomics with Financial LiteracyPoints Possible:90Name:Morgan Dean LoganDate:11/7/20181. Write a complete definition for the term "economics." (8 points)
2. Fill out the table below by describing each of the economic systems listed. (6 points)SystemDescribeFree-market systemCorporations are the most powerful, the government plays a minimal role.Command economyThe Government is the most powerful, deciding on things like production, investment, prices, and incomes.Mixed The government and corporations play a role, where the government
3. Fill out the table below by listing three market structures and giving two characteristics of each. (18 points)Market structureCharacteristicCharacteristicPerfect CompetitionNo single group has a large amount of powerA vast amount of small companies create a similar productOligopoly

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