Chapter 2 Economic Systems and Decision Making

Efficient way of allocating resources and producing and distributing goods and services

Economic sector in which goods and services are sold illegally

Centralized economic strategy for achieving rapid industrialization, used by the Soviet Union and China

Which explains why products made under a command economy are more likely to be low quality?

Which of the following lists economic systems in order from least to most flexible?

Which of the following is the best description of the economic system in Cuba?

Which of the following is a feature of Japanese capitalism that would be illegal in the United States?

System in which economic activity is ritual, habit, or custom

Economic shift from private ownership to government ownership

Which of these is a major advantage of a market economy?

Chinese strategy used to quickly revolutionize industrial agriculture and production

Which of the following could raise the cost of production in a command economy?

How are economic transactions shaped in a traditional economy?

Which nation today is the most striking example of successful privatization?

System in which economic activity is driven by supply, demand, and the price system