Economics Chapter 2 Test Review

the circular flow model, the exchanges of goods and services in the economy are represented by

The economic system in which the government's role is most limited is

In today's world, there are

A contract is an agreement that is

Freedom of economic choice is one of the chief advantages of a

system in which the basic economic questions are answered by government planners

A circular flow model shows how

Suppliers in a product market are

Ownership of private property is a characteristic of

Elements of traditional, command, and market economies are combined in a

laissez faire means that the government

In truth, all economies today are

economic decisions of central planners often are wrong because they have little understanding

The two markets represented in the circular flow model are

In which economic system do individuals answer the basic economic questions?

Moving railroads from government ownership to ownership by stockholders is an example of

money payments that households receive from businesses and government in exchange for resources

economic system where children are likely to carry on economic roles played by their parents

In a market economy, the real power in the market place is held by the

When a nation's economy privatizes it changes from

When a nation's economy nationalizes it changes from

An example of intellectual property is a(n)

voluntary exchange, a buyer and seller agree to do business together

everything an individual owns and the labor he provides in economic terms means

The economic system in which the government owns some of the factors of production is