Grigsby Ch 2 Economic Systems

Another term for Authoritarian Socialism is

US economy - a system in which business is conducted freely with little government involvement

Markets are driven or grows purely by

Adam Smith contended that when government is not involved in the economy, the market is driven

The economic rivalry that exists among businesses selling the same or similar products is

The US Goal of __________ helps you have freedom of choice in the marketplace.

The US Goal of __________ helps protect the citizens from poverty, business & bank failures etc

The economies of the United States, Canada, Mexico, Japan & Taiwan are classified as

Nations have to answer the basic economic questions in order to use resources most efficiently

When producers & consumers unconditionallu purchase and sell products the transaction is a

The US Goal of __________ helps make the best use of scarce resources.

This type of economy still exist in parts of North America, Latin America, & Africa

Between Authoritarian Socialism & Capitalism,  government owns some factors of production

This economy combines elements of traditional, market, & command economic models is called

This economy relies on government officials to answer the 3 basic questions

In  market economy, you & others respond to ____-Something that encourages you to do something.

People can buy, sell, and produce anything they want in this economy

Mixed economies that are closest to pure command economies is called

This economy is based on society's values - its customs & traditions

These economies can also be called planned ecconomies

The free exchange of goods & services is called or referred to as the

The officials in this economy are sometimes called central planners - having power to decide

The economies of Sweden, Poland, & France have elements of

The closest to the market economy is

The main features of the Free Enterprise System in the United States are

Some examples of the government's limited involvement in the United States economy are