Econ - Ch. 2 Review

Which amendment protects property?

System in which the gov't owns and controls some, but not all, of the factors of production

Medicare falls under which of the following economic/social goal?

Which of the following best describes the United States?

Fundamental feature of capitalism that allows individuals to own and control their possessions as they wish

Why are economic goals important?

The incentive that encourages people and organizations to improve their financial well being

The struggle among sellers to attract consumers.

An increase in the min wage raises the unemployment rate. This is an example of

Which of the following is NOT a characteristic of free enterprise?

Econ. systems that encourage innovation tend to experience ___ growth and a ___ standard of living

System in which all factors of production are collectively owned and controlled by state

Does not provide for everyone's basic needs

Which is an example of economic growth?

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

This economic system can change direction quickly and drastically.

To set aside for a particular purpose; assign

The Krelman from Bee Movie would be an example of which concept?

Does not meet wants and needs of consumers and lacks incentives to produce good products

Which of the following is NOT a major economic/social goal of the US?

Which of the following is NOT an important characteristic of free enterprise capitalism?

Economy where people carry on their econ. affairs but are subject to some gov't intervention

What type of economy was characteristic of the communist bloc countries of the former SU?

Which group of people ultimately determines the products a free enterprise economy produces?

The minimum wage is an example of a federal law that supports