1 promax - Stuvia US 2025/2026
Orela NES MGSS Questions with Detailed Verified
Answers (100% Correct Answers) /Already Graded A+
Periodization
Ans: Act of dividing subjects into historical eras
Scarcity
Ans: Humans with unlimited wants and needs in a world of limited
resources
Supply/Demand
Exampromax - Stuvia US
Ans: price determination in market; quantity demand of
Approved By:
consumer=quantity supplied by producers
Inflation
Ans: Rise in general level of prices of goods and services in economy over a
period of time
Traditional economy
Ans: Subsistence agriculture
Market Economy
Ans: Investment, production, distribution based on supply and demand
Capital
Ans: Already produced durable goods that are used in production of goods
and services
, 2 promax - Stuvia US 2025/2026
GDP
Ans: Market value of goods and services produced within a country in a
given period
Entrepreneur
Ans: one who understands innovations, finance, and business
accumulation in effort to transform innovation into economic goods
Nation-State
Ans: Sovereign state inhabited by relatively homogenous group of people
who share a feeling of common rationality
Exampromax - Stuvia US
Approved By:
Theocracy
Ans: Government, god/deity is recognized as supreme civil ruler, laws
become interpreted by ecclesiastical authorities
Fiscal Policy
Ans: Use of government revenue collection (taxation) and expenditure to
influence the economy
Monetary Policy
Ans: Government policy that attempts to manage the economy by
controlling the money supply and thus interest rates for economic growth
and stability.
Command Economy (planned)
Orela NES MGSS Questions with Detailed Verified
Answers (100% Correct Answers) /Already Graded A+
Periodization
Ans: Act of dividing subjects into historical eras
Scarcity
Ans: Humans with unlimited wants and needs in a world of limited
resources
Supply/Demand
Exampromax - Stuvia US
Ans: price determination in market; quantity demand of
Approved By:
consumer=quantity supplied by producers
Inflation
Ans: Rise in general level of prices of goods and services in economy over a
period of time
Traditional economy
Ans: Subsistence agriculture
Market Economy
Ans: Investment, production, distribution based on supply and demand
Capital
Ans: Already produced durable goods that are used in production of goods
and services
, 2 promax - Stuvia US 2025/2026
GDP
Ans: Market value of goods and services produced within a country in a
given period
Entrepreneur
Ans: one who understands innovations, finance, and business
accumulation in effort to transform innovation into economic goods
Nation-State
Ans: Sovereign state inhabited by relatively homogenous group of people
who share a feeling of common rationality
Exampromax - Stuvia US
Approved By:
Theocracy
Ans: Government, god/deity is recognized as supreme civil ruler, laws
become interpreted by ecclesiastical authorities
Fiscal Policy
Ans: Use of government revenue collection (taxation) and expenditure to
influence the economy
Monetary Policy
Ans: Government policy that attempts to manage the economy by
controlling the money supply and thus interest rates for economic growth
and stability.
Command Economy (planned)
