Lesson 4 Multiple Choice
___ is an internal scale within each person that constantly changes based on a variety of things.
Economic value
Value:
is the way we judge the worth of things
___: used to create other things, with money being one of the most common forms
Capital
Price:
the amount of money expected, required, or given in payment for something.
All the ideas that affect our daily lives can be traced back to what we believe about ____
God and man
A free market is when people enter into agreements ____
voluntarily
Markets:
are an interchange between people with different desires
The process of gathering information and then making decisions is referred to as ____
economic calculation
An entrepreneur:
is the fellow who brings together everything we need to create the product and bring it to the Market.
Christians believe that because God is ____, He is moving mankind in a particular direction through history
sovereign and transcendent
___ is an expression of the desire of the purchaser to sell something and the consumer to purchase something
Price
Money:
is a common median of exchange
___ is what is left over after the entrepreneur takes into account his costs in creating his product and bringing his product to market to sell it
Profit
Profit:
is the earnings in which the entrepreneur gets after all his costs.
The study of man is called
anthropology
The Law of Demand states that consumers will purchase ___ of a good when its price decreases, but they will purchase ___ of a good when tis price increases.
More - Less
Free Market
When no one is being coerced by anyone else in their trade
____ between entrepreneurs and their products is one of the strongest forces unleashed by the free market
Competition
A political policy
Is based on a Christian's worldview and establishes freedom of religion as the first and most important right of people.
A political philosophy is the intellectual framework that informs a society's
government and laws
The Law of Supply states that an ___ in the price of a good means that there will eventually be an ___ in the quantity of those goods produced by people
increase - increase
Marginal Utility
The more you have of something the less additional ones you'll want
The path to prosperity is in turning everyone's ___ into the service of others.
self-interest
What are the Two Theologies
Atheistic and Godly
In a Christian political system, the rule of law is of primary importance. As a result, these countries will establish ___ that sit above everyone.
written constitutions