Economic Systems

The 3 basic economic questions must be answered by what type of economy?

Equity means

The proletariat are the rich business owners that Marx was referring to.

A major characteristic of a pure market economy

The advantages of a command system includes:

Which is not one of the 3 basic economic questions?

Who owns most of the property in a capitalistic system?

What is the basic problem of economics?

Who is the "father" of the laissez faire system?

What type of system includes the "buyer beware' characteristic?

Which is not a factor of production?

Karl Marx believed that ___________ would die out and eventually be replaced by __________

Profit is the difference between expenses and revenue.

Pure socialism is charaterized by central planning by the government

Which economy is the easiest to start a business?

Profit is the fianancial gain after paying for expenditures.

If you have $25 and need to buy a shirt and some gloves. You buy the gloves for $25, the trade off is the shirt.

Free market, laissez faire, free enterprise, and __________ are some ways of talking about the same type of economy.

Standard of living is defined as the material well being of a group, business or nation.

Rivalry between buisnesses to keep prices low and quality high is known as