Duplicate of Economics Today and Tomorrow ch 2s1 Economic Systems

What 3 questions must all economic systems answer?

The economy that has producers deciding what to make based on what consumers buy.

One of the six major characteristics of a pure market is

The government owns the factory

government allows producers to make what they want but makes sure working conditions are safe.

Children learn from their elders how to make basic things needed to survive

factors of production are owned by individuals

The government controls the economy

The government tells the factory to produce only airplanes

The economy based on central planning

Another name for capitalism

This well known economist wrote the "Wealth of Nations" in 1776

A mixed economy combines basic elements of a

The economic system linked to Adam Smith.

The economy is based on competition