ECON: Ch.2 - Economic Systems 1

The Standard of Living of a country is it's

A system a country chooses to allocate its resources and distribute its goods and resources

An economic system where the government makes all the important decisions is a ....

Give a term for "interlinked national economies that all affect each other".

The United States is an example of a ... economy.

There are many products and services which are harmful to consumers in a ...

The income that people receive for supplying the factors of production (land, labor, capital?)

Which of these countries does not have a market economy?

Which economic system usually comes from a country's need to industrialise its wartime economy?

An economic system that relies on habit, custom, or ritual to decide the 3 Economic Questions

The North Korean Government controls all of the industry in that country. This is a ....

Which of the following is NOT an advantage of a market economy?

Which is not true of a planned economy?

An economy where property and businesses are owned by private individuals is called a ...

Government programs that protect people experiencing unfavorable economic conditions are called

How to meet the endless wants and needs of people with scarce resources is referred to as the

The Affordable Care Act (Obamacare), is an example of why our economy is a

Economic system where the focus is maintaining the way that things have been done in the past.

Which is NOT true of a mixed economy?

What are the THREE Key Economic Questions that every Society must address? (Select 3)