CP2 Econ - Ch 2 Review

Economic system where supply, demand, and the price system make decisions & allocate resources

The more specific name given to the U.S. economy is...

An organized way in which society provides the needs and wants of its people is a(n)

The act of buyers and sellers freely and willingly engaging in market transactions is?

Inflation is rise in the general level of prices

The driving force that encourages people and companies to improve their material well-being is

In the ____ economy, the government tells the people which occupation they will have

The struggle among sellers to attract consumers while lowering costs is...

Which of the following is NOT an economic goal of the U.S.?

Which of the following is NOT a role of the U.S. government

An individual who organizes land, capital, and labor for production in hopes of earning profit

Privileges that entitle people to own and control their possessions as they wish are...

The federal program for disability and retirement benefits that covers U.S. workers

All of the following are characteristics of a traditional economy except?

A disadvantage of the market economy is that it...

___ is where a person is better off at the end of an economic exchange than before

Which of the Following is NOT considered an economic and social goal?

Economy were competition is allowed to flourish with minimum amount of government interference

Minimum wage is an example of a federal law that supports ...

America's strong sense of justice, impartiality, and fairness led the economic/ social goal of

An example of the U.S. government's role as a regulator is...

Consumer sovereignty is where the consumer is the "ruler" of the market

An example of a command economy is

Fixed income is income that does not increase even though prices go up

Which of the following is NOT a characteristic of capitalism?