Ch 2 - Economic Systems

What type of eco system has both market and command elements?

Why do producers provide for people's wants and needs?

What is a disadvantage of a command economy?

Full employment is possible in a market economy.

Where do producers and consumers meet to exchange goods and services?

Which of the following in an economic goal in our country?

Which of the following provides economic security in our country?

People do not have private property rights in a market economy

What type of economic system is where all economic activity is based on tradition?

Who owns the factors of production in a command economy?

What is an advantage of a traditional economy?

What is needed to make competition work?

What role does government play in a market economy?

If a market economy has some government interference, it is called a

What type of economy do most countries have in the world today?

Who owns the factors of production in a market economy?

What is an advantage of a market system?

The United State has what type of economy?

Market economies fail if

What type of eco system is where individuals make all decisions?

What is the role of the entreprenuer?

To meet economic goals in our country, the govt will step in and create laws.

What type of eco system is where a central authority makes decisions?

Laissez Faire is a French word meaning

Inflation hurts which group the most?