Ch 2 - Economic Systems

Who owns the factors of production in a market economy?

Why do producers provide for people's wants and needs?

What type of economic system is where all economic activity is based on tradition?

What is the role of the entreprenuer?

To meet economic goals in our country, the govt will step in and create laws.

Inflation hurts which group the most?

Where do producers and consumers meet to exchange goods and services?

What is a disadvantage of a command economy?

What type of eco system is where individuals make all decisions?

Full employment is possible in a market economy.

What role does government play in a market economy?

What is an advantage of a market system?

Which of the following provides economic security in our country?

People do not have private property rights in a market economy

What type of eco system has both market and command elements?

Laissez Faire is a French word meaning

Which of the following in an economic goal in our country?

What is needed to make competition work?

Market economies fail if

What type of economy do most countries have in the world today?

The United State has what type of economy?

What type of eco system is where a central authority makes decisions?

What is an advantage of a traditional economy?

If a market economy has some government interference, it is called a

Who owns the factors of production in a command economy?