Economic Systems

In the circular flow model, what is sold on the product market?

In the marketplace, producers are driven to

street lighting would be example of a

sovereignty in the free market is held by the

An individual buying a DVD of their choice is partipcating in the

Open opportunity helps to ensure that everyone is free to

a scenario in which supply and demand cannot become equal

The idea that goods are openly sold in the free enterprise system is known as

An economic system in which decisions are made based upon customs

an economic system in which the government owns some, but not all, of the factors of production

Free contract means that people can choose

Supply and demand drives which economic system

In a communist economy, the factors of production are owned by

a person who chooses to, and is free to, open a grocery store is within a

Which of the following statements about capitalism and communism are correct

Which of these would be a negative externality

In the circular flow model, govt payments to spur production of a specific good

In the circular flow model, government benefits provided to both businesses and individuals

In the circular flow model, what is sold on the resource market?

The idea that worker training and skill can increase production

In the circular flow model, government payments to individuals are called

In a free enterprise economy, the center of the circular flow model is

a person who does not pay for a service, but receives the benefit of it

which of the following are characteristics of public goods

Government officials deciding distribution of resources is a feature of