Economic Systems and the American Economy

Adam Smith said this would control the economy and the government should stay out of it

Who answers the questions in a market economy?

The way a society produces and distributes goods and services to meet wants and needs of people

Laissez-faire means

Founder of Communism

Starting your own business is easiest in a

The process of exchanging goods and services between buyers and sellers

Expansion of the economy to produce more goods, jobs, and wealth

What answers the questions in a traditional economy?

In which type of economic system do the government and the people answer the 3 Qs?

System in which individuals own the FOP and make their own economic decisions

What answers the questions in a command economy?

When the workers overthrow the owners, a classless society will exist...this is known as?

Illustrates how dollars and the factors of production move through the economy

When you hear socialism you think

The material well-being of an individual

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

Which of these does NOT refer to the US economy?

Which of these is NOT a goal of the American Free-Enterprise System?

Amount leftover after all expenses have been paid

Karl Marx called the owners this

Which type of economic system does the United States REALLY have?

Karl Marx called workers this