SACE Economics stage 2 Key Area 1

What is the best example of a command economy in the modern world?

What is the government system in which the government owns factors of production?

What is the term for a system in which society's leaders make all economic decisions?

What is the concept that consumers have to power to purchase what they want, giving them power?

Which economic system does the Australia have?

How does an economy TRANSITION?

What economic system is based on private ownership of the factors of production?

Which economic system is based on individual choice?

Which economic question refers to consumer sovereignty?

In a Command (or Planned) economic, how is the FOR WHOM to produce decided?

What type of goods are used to produce final goods consumers buy

These are used by firms to produce goods and services?

In which economic system does the government decide what goods and services will be produced?

Which economic system is based on customs or beliefs passed down generation to generation?

What is the french term meaning "leave things alone"?