CHAPTER 2: ECONOMIC SYSTEMS AND DECISIONS MAKING

The United States can best be described as having a

Driving force that encourages people and organizations to improve their material well-being

How do consumers exercise their power in the American economy?

Organized way in which a society provides for the wants and needs of its people

Rise in the general level of prices

Why is economic growth an important goal of the United States?

Who owns the land and the capital in a centrally planned economy?

Who plays the role of protector, consumer, regulator, & promoter of economic goals in the U.S.?

Privilege that entitles people to own their possessions

Income that does not increase even if prices go up

Which group of people ultimately determines the products that a free enterprise econ. produces?

Role of the consumer as ruler of the market

What econ. goal seeks to reduce extreme ups and downs in the SOL—people’s material well-being

The government's role in a mixed economy is that it is the

All of the following are characteristics of capitalism EXCEPT

Economic system in which early all  economic activity stems from ritual or habit

Econ. system in which people & firms act in their own best interests to answer econ. questions

Which of the following is NOT a strength of a market economy?

The concept of voluntary exchange means

Which of the following is NOT considered an economic and social goal?

What is another term for a modified private enterprise economy?

A country's economic system is usually classified according to:

Competition means that

Which of the following describes a free enterprise system?

A market economy

Which of the following is NOT a major economic and social goal ofthe United States?

All of the following are weaknesses of a command economy EXCEPT that it

Economy in which a central authority makes most of the WHAT, HOW, and FOR WHOM decisions

Struggle among sellers to attract consumers

Which of the following is unique to the capitalist ideology?

The high degree of freedom in a market system is illustrated by the fact that _________.

The economic goal of________ seeks to protect us from adverse economic events such as layoffs.

Federal program of disability and retirement benefits that covers most working people

In free enterprise, the characteristic of voluntary exchange allows __________.

Economic goals are important because they

Economy in which people carry on econ. affairs freely but are subject to some gov inter. & reg.

Market economy in which private citizens own the factors of production

The purpose of government in a command economy is to