Ch. 2 Review Economic Systems

1. Most economies today are ______________________economies.

Legal protection for the inventors of ideas, products and processes, giving them the sole profit

›private ownership is a characteristic of a market economy.

customs and habits from the past are used to resolve most economic issues of production and distribution.

Economic issues of Production and distribution are resolved through central planning and control.

An economic system in which the people make the economic decisions.

›An economic system that exhibits characteristics of more than one type of economic system.

Who picked this song?

He is the father of modern economics. 

In a traditional economy, _determines what to produce how to produce and who should receive the goods and services.

Legal protection for the authors of literature and music, giving them the sole right to profit.

Diverse plans of consumers and producers, each of them pursuing their own self-interest

1. Societies have to figure out ________________.

Who picked this song?

What does the government put into place to make sure people get what they want and need?

Maximizing Productivity with giving each person one job

Who picked this song?

An asset used in production that is made by humans, but is non-human.

Who picked this song?

Who picked this song?

1. In a _______________ the people have no say in what is produced.