Chapter 2 Economic Systems part 2

T or F: The profit motive states that the consumer decides WHAT goods and services to produce.

When the rate of____rises, people generally pay more for most products.

Social Security is a federal program that addresses the goal of economic_______.

The purpose of government in a command economy is to

Capitalism is a competitive economic system in which___ citizens own the factors of production.

Which group of people ultimately determines the products that a free enterprise economy produce

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

T or F: Voluntary exchange is a characteristic of command economies.

Habit and custom determines what type of economic system?

Economic___ is necessary to meet the needs of a growing population by providing more goods...

Economic___is an economic goal that is based of a sense of fairness.

The_________ organizes land, capital, and labor for production in hopes of earning a profit.

extent to which individuals or organizations are better off at the end of an economic exchange

The concept of voluntary exchange means____

A rise in the general level of prices is called___________.

People who are living on a______find that it is more difficult to pay bills...

Political elections are one method of resolving conflicts among economic_____________.

organized way in which society provides for the wants and needs of its people

In the former Soviet Union's command economy,_______ made the major economic decision.

One strength of a market economy is the high degree of consumer___________.

income that does not increase even if prices go up

economy in which a central authority makes most of the WHAT, HOW, and FOR WHOM decisions

The United States has a__________ ____________ ____________ economy.

An example of a market economy is_____________

Capitalism benefits consumers because_________keeps prices low.