Economics 1st 6 weeks review

Which is a likely complement to a tablet computer?

Mixed economies work to the degree that they embrace democracy.

Socialist economies include aspects of both command and free-enterprise systems.​

​Who ultimately determines the success of a product?

risk taking individual in search of profit

Mixed economies can evolve when societies with different kinds of economies interact.​

​Three synonymous terms to describe the U.S. economic system are free enterprise, capitalism &

ruler of market in determining goods and services produced

Communist countries like North Korea and Cuba are examples of mixed economies.​

Prices for common vegetables tend to be elastic. Why?

A general rise in the level of prices over time is known as

Which of these countries has an economy most similar to that of the former Soviet Union?

Which of the following states an advantage of a traditional economy?

Consumers are powerful because

A can of soup is an example of a​

​There is always some degree of government involvement in a mixed economy.

Which feature of a command economy distinguishes it from a socialist economy?

something that stimulates activity among forces or people

The phrase "the customer is always right" is most often associated with what term?

The most comprehensive measure of a nation’s wealth is provided by its