Econ Chapter 2

Means to change from government or public ownership to private ownership

Refers to all the economic interactions that cross international boundaries

Economic system in which the government owns some or all of the factors of production

Systems require absolute obedience to those in power

An _________is the way a society uses resources to satisfy its people’s wants.

System that is based on private ownership of the factors of production.

A French phrase meaning “leave things alone.”

A financial gain that a seller makes from a business transaction

Economy that has elements of traditional, command, and market systems

Market where goods and services are bought and sold.

Any place where people buy and sell goods and services

Who wrote the wealth of nations?

Exchange where both believe that what are getting is worth more than what they are giving up

A system in which the society’s leaders make all economic decisions 

An economic system in which the government makes all economic decisions

System where the government owns all the factors of production and there no political freedom.

Economic system in which families, clans, tribes make economic decisions based on customs  

The rights of individuals and groups to own businesses and resources

Economic system in which individual choice and voluntary exchange direct economic decisions

Market for the factors of production—land, labor, capital, and entrepreneuship

Means to change from private ownership to government or public ownership