Economics chp 2 review

The answers to the 3 economic questions are based on customs

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

Mixed economy closest to the market model

The economic well-being of people is

Under this government involvement is the economy is relatively limited

Goods owned by individuals & businesses

Something that encourages people to behave in a certain

All economies today are actually

When the overall price level of goods & services available remain constant

The part of the circular flow model that represents all of the exchanges of goods & services in an economy

A legally-binding oral or written agreement to buy or sell goods

This is the lowest possible level of unemployment in an economy

This the force that directs the actions of individuals & businesses in a market system

Goal concerned with making the best use of scarce resources

This combines elements of the models of pure economic systems

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

Another term for authoritarian socialism

An economic system which relies on government officials to answer 3 econ questions

Economic rivalry, or_________ develops among businesses that sell the same or similar products

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

Democratic socialism can be described as

Economic efficiency is making the best use of...