Economics Chapter 2 (Holt)

In economic terms, property means

When a nation's economy nationalizes it changes from

Suppliers in a product market are

The way a society uses scarce resources to satisfy its people's unlimited wants is called an economic

Adam Smith and Karl Marx both believed that capitalist improved the condition of the workers.

In a factor market

Global financial transactions have been made quick, inexpensive, and easy by

When a nation's economy privatizes it changes from

The government owns some, but not all, factors of production in a(n)

The nation where government plays the most limited role in the economy is

A circular flow model shows how

With voluntary exchange, a buyer and seller agree to do business together

An advantage of a pure market economy is that it

In a market economy, the real power in the market place is held by the

Absolute loyalty to the people in power is required by a(n)