Chapter 2: Economic Systems

A society in which some people practice subsistence farming while others own businesses has elements of both

A circular flow model shows how

Producers and consumers drive the economy of a

Government officials deciding the distribution of all resources is a feature of a

Moving steel mills from private ownership to public ownership is an example of

Freedom of economic choice is one of the chief advantages of a

In a market economy, the real power in the market place is held by the

In today's world, there are

The way a society uses scarce resources to satisfy its people's unlimited wants is called an economic

In economic terms, laissez faire means that the government

According to Karl Marx, all of history is a struggle between

A society that has public schools and ownership of private property has elements of both

Global financial transactions have been made quick, inexpensive, and easy by

Between 1867 and 1894, Karl Marx published a 3-volume study called

Resistance to the introduction of new farming methods is an attitude often found in a

An advantage of a pure market economy is that it

With voluntary exchange, a buyer and seller agree to do business together

Elements of traditional, command, and market economies are combined in a

In the United States, harvest-time customs represent the influence of a

When a nation's economy privatizes it changes from

The situation where women tend crops and raise children while men hunt is often found in a

When a nation's economy nationalizes it changes from