Econ Chapter 2

political philosophy based on the beliefs that democratic means should be evenly distributed

Which of the following best describes the economy of the US?

Market where goods and service that firms produce and are sold to household's

The US intervenes in the economy in order to?

Market where firms purchase factors of production from household's

Why do people need to buy and sell goods and services?

What is one of the most important advantages of a free market?

which of the following philosophers argued that a free market would regulate itself?

In which list is the free market most dominant?

What influences a countries choice of an economic system?

political system characterized by a command economy with all economic power resting w/ the gov

What was the trade-off of the Soviet Union's focus on heavy industry?

Which of the following is a characteristic of a centrally planned economy?

Which of the following is a summary of the 3 key economic questions?

Which of the following is handled by individuals instead of government in a free market economy

What two systems were linked in the Soviet Union and China?

Which of the following is an example of a safety net the government provides?

What does "customer is king" mean in a free market?

What does the process of specialization do for an economy?

China is going through which economic transition?

Government intervention in a modern economy is useful because?

What "Invisible Hand" regulates the free market?