Economics Systems and Decision Making

Which group of people ultimately determines the products that a free enterprise economy produce

Economic___is an economic goal that is based of a sense of fairness.

T or F: Voluntary exchange is a characteristic of command economies.

income that does not increase even if prices go up

An example of a market economy is_____________

People who are living on a______find that it is more difficult to pay bills...

The_________ organizes land, capital, and labor for production in hopes of earning a profit.

The United States has a__________ ____________ ____________ economy.

Which of the following is NOT considered an economic and social goal?

When the rate of____rises, people generally pay more for most products.

Economic___ is necessary to meet the needs of a growing population by providing more goods...

extent to which individuals or organizations are better off at the end of an economic exchange

organized way in which society provides for the wants and needs of its people

A rise in the general level of prices is called___________.

The purpose of government in a command economy is to

One strength of a market economy is the high degree of consumer___________.

Capitalism benefits consumers because_________keeps prices low.

economy in which a central authority makes most of the WHAT, HOW, and FOR WHOM decisions

Habit and custom determines what type of economic system?

Political elections are one method of resolving conflicts among economic_____________.

Capitalism is a competitive economic system in which___ citizens own the factors of production.

T or F: The profit motive states that the consumer decides WHAT goods and services to produce.

In the former Soviet Union's command economy,_______ made the major economic decision.

The concept of voluntary exchange means____

Social Security is a federal program that addresses the goal of economic_______.