Ch. 2 - Economic Systems

All of the following are characteristics of Traditional Economies except

The free market concept that states "buyers have the power to decide what gets produced" is 

Which of the following are economic goals and values that different systems attempt to meet?

Which of the following might be a positive aspect of a centrally planned economy?

In which type of economic system does the government play the largest role in the economy?

Scottish philosopher who wrote about the market system in his book, The Wealth of Nations...

An economic system in which the government answers the three economic questions is known as

Markets exist primarily because

Which of the following underwent a period of economic transition during the early 1990's?

Which country is beginning to show signs of economic transition in some new economic policies?

Which economic principle governs capitalism?

An individual who favors "smaller" government, lower taxes, and limited regulation would be

An individual who favors a larger government role in the economy and society would be a

An economic system in which consumers choose, but the government regulates...

Process of selling businesses or services operated by the government to individual investors

Each society must answer the three basic economic questions based on 

Which of the following is not a characteristic of the free market system?

What two forces did Adam Smith say were working together to regulate the marketplace?

The hope of reward, or fear of penalty, that encourages a person to behave a certain way is an

The money people receive in return for land, labor, and capital is known as

The type of centrally planned economy where there is an authoritarian government is 

An economic system based on tradition, custom, and ritual, with little change from the outside

In a free market, who owns the factors of production?

The type of command system with high taxes, an even distribution of wealth, but democracy is

The doctrine that government generally should not intervene in the marketplace ("let it be")

Any arrangement that allows buyers and sellers to conduct an exchange is a 

An economic system which lacks any regulation by the government 

Land, labor, and capital are known as

The concentration of the productive resources of individuals and businesses is known as

During which decade did the Chinese government begin to implement several free-market concepts?