Econ Chapter 2

In which list is the free market most dominant?

which of the following philosophers argued that a free market would regulate itself?

Which of the following is a characteristic of a centrally planned economy?

What influences a countries choice of an economic system?

Which of the following best describes the economy of the US?

What "Invisible Hand" regulates the free market?

What does "customer is king" mean in a free market?

What does the process of specialization do for an economy?

The US intervenes in the economy in order to?

What two systems were linked in the Soviet Union and China?

What is one of the most important advantages of a free market?

What was the trade-off of the Soviet Union's focus on heavy industry?

political philosophy based on the beliefs that democratic means should be evenly distributed

Market where firms purchase factors of production from household's

political system characterized by a command economy with all economic power resting w/ the gov

Market where goods and service that firms produce and are sold to household's

China is going through which economic transition?

Which of the following is a summary of the 3 key economic questions?

Government intervention in a modern economy is useful because?

Which of the following is handled by individuals instead of government in a free market economy

Why do people need to buy and sell goods and services?

Which of the following is an example of a safety net the government provides?