Unit Two Economic Systems

A mixed economy combines traditional and command economies.

Economic System where the three economic questions are answered by businesses & individuals along w/ the government.

Which of the following is NOT one of the three economic questions?

What was the new name for Mr. Merlino's Apple Pants since it might infringe on Apple's name brand?

Book written by Adam Smith

Economic system where the government answer the three economic questions.

Economic System where the three economic questions are answered by businesses and individuals.

Which of the following is not a benefit of competition in a free market economy?

Which of the is NOT a characteristic of a mixed economy?

Economic system only found in remote parts of the world today.

Adam Smith's idea that self interest and competition will lead to a free market economy

Economic system where the government answer the three economic questions.

What is the economic system in the United States

He is considered the "Father of Modern Economics"

Which of the following is NOT one a characteristic of a free market economy?

Which of the following is NOT an advantage in a free market economy

Legal protection for the authors of literature and music, giving them the sole right to profit from their work

Which of the following is an advantage in a command economy

Which economic system does NOT allow private property

Legal protection for the inventors of ideas, products and processes

Economic system where the 3 economic questions are answered by customs, a few leaders and the resources available.