Econ_Chapter 2

The amoujnt of money a business receives in excess of expenses is known as what?

The hope of reqard or fear of penalty that encourages a person to behave a certain way

The powers of consumers to decide what gets produced is known as what?

What is the process of sellin businesses or services operated by the govern to indiv investors?

The struggle among producers for the dollars of consumers is known as?

Which of the following is a government based on the belief that wealth should be distributed evenly throughout society?

An economic system that relies on habit, custom, or ritual to decide the 3 key economic questions

What is a market-based economic system in which the government is involved to some extent?

What is property that is owned by individs. or companies, not by the government?

Governments collect taxes from whom in a mixed economy?

What explains the flow of the market in a mixed economy?

What is protected in a mixed economy?

What is the doctrine that government generally should not intervene in the marketplace?

Hiring individuals who are already experienced in that field would be considered which of the following?

What is a period of change in which a nation moves from economic system to another?

Which of the following is a government in which the govt. owns and controls all resources and means of production?

A level of economic prosperity is known as _______

What is an economic system in which investments in firms are made in a free market?

Where do governments purchase goods and services from firms in a mixed economy?

A term used to describe the self-regulating nature of the marketplace

What is any arrangemetn that allows buyers and sellers to exchange things known as?

North Korea is an example of what type of economy?

The U.S. is an example of what type of economy?

Which of the following describes a form of govt. which limits individual freedoms and requires strict obedience?

Which of the following economic systems is Sweden most closely considered to operate?

Hong Kong is an example of what type of economy?

What Asian country has gone through an economic transition recently?

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

Which is another name for a Centrally Planned Economy?

Where do governments buy labor in a mixed economy?