Chapter 2 Economic Systems part 2

Political elections are one method of resolving conflicts among economic_____________.

People who are living on a______find that it is more difficult to pay bills...

The purpose of government in a command economy is to

The United States has a__________ ____________ ____________ economy.

T or F: The profit motive states that the consumer decides WHAT goods and services to produce.

When the rate of____rises, people generally pay more for most products.

extent to which individuals or organizations are better off at the end of an economic exchange

Which group of people ultimately determines the products that a free enterprise economy produce

An example of a market economy is_____________

income that does not increase even if prices go up

One strength of a market economy is the high degree of consumer___________.

In the former Soviet Union's command economy,_______ made the major economic decision.

Social Security is a federal program that addresses the goal of economic_______.

The concept of voluntary exchange means____

economy in which a central authority makes most of the WHAT, HOW, and FOR WHOM decisions

organized way in which society provides for the wants and needs of its people

Capitalism benefits consumers because_________keeps prices low.

The_________ organizes land, capital, and labor for production in hopes of earning a profit.

Economic___is an economic goal that is based of a sense of fairness.

Capitalism is a competitive economic system in which___ citizens own the factors of production.

Economic___ is necessary to meet the needs of a growing population by providing more goods...

Which of the following is NOT considered an economic and social goal?

Habit and custom determines what type of economic system?

T or F: Voluntary exchange is a characteristic of command economies.

A rise in the general level of prices is called___________.