Topic 2

What do people supply in return for factor payments?

What is the struggle among producers for the dollars of consumers?

What is any arrangement that allows buyers and sellers to exchange things?

Type of economy that opposes private property, competition and consumer choice.

What type of Economic System relies on habit, custom, or ritual.

What country started to move closer to a market system in the 1970's?

Which of the following is the main incentive for a manufacturer to sell a product?

What "invisible hand" regulates the free market economy?

Who wrote The Wealth of Nations?

Which of these is an Economic Goal?

Households buy the goods and services that firms produce in the ...

Firms purchase factors of production from the households in the...

Which of the following might a gov't provide as part of a safety net for people?

Where are traditional economies usually found?

What two systems were linked in the Soviet Union and China?

The United States government intervenes in the economy in order to 

Which of the following is handled by individuals instead of gov't in a free market economy?

How can the Chinese economy be characterized?

The ways in which factors of production are combined determines the answer to which question?

The process of bringing new methods, products, or ideas into use.

Idea that wealth should be evenly distributed throughout society.

What did communist revolutions lead to in the Soviet Union and in China?