CP2 Econ Ch. 2 Review

An economic system in which supply, demand, and the price system help people make decision

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

America's strong sense of justice, impartiality, fairness has led to an economic & Social goal

All of the following are characteristics of a traditional economy except

An example of the U.S. government's role as a regulator is

A disadvantage of the market economy is that it

The minimum wage is an example of a federal law that supports

The struggle among sellers to attract consumers while lowering costs is

The extent to which individuals or organizations are better of at the end of a period

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

Privileges that entitle people to own and control their possessions as they wish are

Individual who organizes land, capital, and labor for production in hopes of earning a profit

Which of the following is NOT a role of the U.S. government

The federal program of disability and retirement benefits that covers most working people

An organized way in which society provides the needs and wants of its people is an

Which of the following is NOT a characteristic of capitalism?

The act of buyers and sellers freely and willingly engaging in market transactions is ______.

An economy in which competition is allowed to flourish with minimum government interference

In the ___ economy, the government tells the people which occupation they will have.

An example of a command economy is