Economics Semester Review part 2

In a capitalist system supply and demand

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

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

A benefit of command economies is that they do

Without supply and demand operating

In a capitalist system, competition leads to:

Capitalist systems place a premium on

In practice command economies do not create classless society, instead

Command economies do not do away with self-interest but

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

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

America's mixed economy has led to

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

A disadvantage of capitalism is

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

Stable and predictable economies based usually in sustainable ecological modalities

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

Economies with maximum freedom but little personal economic security

Ultimately, command economies have failed because they

In a capitalist system, supply and demand