Economics Semester Review part 2

Without supply and demand operating

To end the concentration of wealth, communism tries to create a ___ society

In a capitalist system, supply and demand

America's mixed economy has led to

Economies with maximum freedom but little personal economic security

In a capitalist system, competition leads to:

The invisible hand that automatically guides a capitalist economy is comprised of

Trying to have the best of both worlds, they also have the worst of both worlds:

Capable of dramatic change, they suffer from a lack of efficiency, quality, and innovation

The founder of modern economics who advocated the virtues of free markets

Economies where people compete based on self-interest for goods and services are

Capitalist systems place a premium on

A benefit of command economies is that they do

In a capitalist system supply and demand

A disadvantage of capitalism is

Economies that have some private ownership of property and some gov't decision making are

Command economies do not do away with self-interest but

Stable and predictable economies based usually in sustainable ecological modalities

Ultimately, command economies have failed because they

In practice command economies do not create classless society, instead