Economics - Ch2

The economic well-being of people is known as the _____ _____ _____

Goal concerned with making the best use of scarce resources

The part of the circular flow model that represents all of the exchanges of goods and services

An economic system which relies on government officials to answer the three basic econ ?'s.

The system under which business can be conducted freely with little gov intervention is known a

_____ _____ is the lowest possible level of unemployment in an economy

Which type of economy is closest to the pure market model?

Children are likely to carry on the economic roles of their parents in a

Economic efficiency is making the best use of

Goods owned by individuals and businesses.

Goal referring to a nation's efforts to protect its members from harmful economic situations.

Mixed economy that is closest to the market model.

_____ is the force that directs the actions of individuals and businesses in a market system.

____ ____ is a mixed economy in which the government controls nearly all the factors of product

Economic rivalry, or _____, develops among business that sell the same or similar products.

An economic system in which the government plays no part in deciding what, how, and for whom.

The circular flow model represents the

When the overall price level of goods and services available remains constant _____ _____ is ac

A legally-binding oral or written agreement to by or sell goods.

The goal of economic stability has two concerns:

In a _____ _____, the answers to the three economic ?'s are based on custom and tradition.

Under _____, government involvement in the economy is relatively limited.

All economies today are actually

The economies of many European nations - Sweden, for example - are said to practice _____ _____

Which goal of the US economy is concerned with questions of fairness?

Something that encourages people to behave in a certain way.

A _____ _____ combines elements of the models of pure economic systems.

Cuba's economy is an example of

Why do nations set economic goals?