Topic 2 (1-4)

What did Karl Marx believe about capitalism?

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

any arrangement that allows buyers and sellers to exchange goods and services

which country is more centrally planned - Singapore or Iran

the process of selling businesses or services operated by the government to individual investors

Private property ownership and some government regulation are basic characteristics of which economic system

What is an argument that some analysts use to criticize government regulation?

What distinguishes an authoritarian government from a democratic one?

which country is more free market - North Korea or Mexico

Which basic economic goal is most easily achieved in a traditional economy?

the doctrine that government generally should not intervene in the marketplace

What is a disadvantage of central planning?

In a society with a command economy, who answers the basic economic questions?

an economic system that relies on habit, custom, or ritual to decide the three basic economic questions

the structure of methods and principles that a society uses to produce and distribute goods and services

Which economic goal reflects the desire of individuals to make their own choices

the first modern economist, whose book The Wealth of Nations describes how free markets function and self-regulate

What are two things that a command economy fails to provide consumers?

level of economic prosperity

a range of economic and political systems based on the belief that wealth should be distributed evenly

the concentration of the productive efforts of individuals and businesses on a limited number of activities

Which of the following BEST describes the U.S. free enterprise system?

the power of consumers to decide what gets produced

another name for a centrally planned economy

a period of change in which a nation moves from one economic system to another

Who benefits (the most) from the free market economy?