Economic Systems Review

In _____________, a market economy was described by ______________

Both ________ and _________ involve a significant degree of government involvement in the economy.

LDCs have

In a _______ system, consumers have power, which is called ___________

Many northern European countries (Denmark, Sweden, etc.) have what type of economic system?

When Soviet economic planners chose to prioritize large industry and the military, who paid the costs?

When China began to transition towards a market-based economy, it began allowing some economic freedom. This is called

Adam Smith's idea of the 'invisible hand' included _________ and ________ working together to regulate the free market.

Which economic goals are NOT prioritized in a market economy?

In which system does the government own the major industries, but entrepreneurs are allowed, as well as democracy?

If a country has a low gdp-per-capita and higher-than-average levels of government corruption, it is probably

In a command economy the ______ answers the questions, in a market economy _______ answer the questions.

What is the main factor which determines where a country belongs on the economic systems continuum?

Which of the following is NOT one of the three economic questions?

In general, countries that have more market-based economies have higher

Which countries have done the opposite of privatization by engaging in nationalization?

What do workers lack in a command economy?

Besides literacy rates, what is a metric related to education used to determine a country's level of development?

What are two goals important to a traditional economy?

If somebody believes in a policy of 'laissez faire', which economic system do they approve of?