Chapter 2 Notes/Outline

The act of and sellers freely and willingly engaging in market transactions is known as...

It is legal to discriminate based on age, gender, race, religion, or disability in employment in the United States

What kind of societies use a traditional economy?

What term does "the driving force that encourages people and businesses to improve their material well-being" describe?

Which of the following is a disadvantage of a traditional economy?

Which of the following are aspects of economic freedom? (Could be more than one answer)

Which of the following best describes the term profit?

Where does the money to build things like schools and roads and fund national defense and social programs?

People with fixed income see their income fluxuate based on the current economic conditions

What term does "a rise in the general level of prices" describe?

Economic freedom, voluntary exchange, private property rights, and profit motive all aspects of what?

Who or what determines the what, how, and for whom questions in a traditional economy?

Which of the following is a disadvantage of a command economy?

There are McDonalds in India

What group provides job descriptions, salaries and earnings, and educational requirements for hundreds of jobs?

What are the 3 types of economies or economic systems?

Which of the following is a defining factor of capitalism?

What term does "competition is allowed to flourish with a minimum of government interference" best describe?

Successful Scandanavian countries such as Sweden and Norway have many aspects of socialims

Which of the following best describes social security?

Which of the following best describes a mixed economy?

What term describes an organized way of providing for the wants and needs of people?

Which country uses a command economy today?

Which of the following is an advantage of a command economy?

In capitalism, who has the most power?

Which of the following is an advantage of a market economy?

What type of economy did the Soviet Union have?

The government is involved in the United States economy?

The priveledge that entitles people to their own and control their possessions as they wish is called...

Which of the following describes "trickle-down" economics?