Econ Chapter 2 Economic Systems

This is an economy that is centrally planned. Decisions are made by the government.

the amount of money a business receives in excess of its expenses 

which of the following is one of the "three Questions of Economics"

Which of the following is an Economic system in the world

property that is owned by individuals or companies, not by the government

level of economic prosperity 

This is a combination of all three economies.  Most modern economies of the world.

describes a from of government that limits individual freedoms and requires strict obedience 

The Father of Communism

the income people receive in return for supplying factors of production

An advantage of the Free Market

In a Centrally Planned Economy who owns the factors of production

an economic system characterized by private or corporate ownership of capital goods.

the struggle among producers for dollars of consumers 

the hope of reward or fear of penalty that encourages a person to behave in a certain way.  

the doctrine that government generally should not intervene in the marketplace.

an arrangement that allows buyers and sellers to exchange goods and services

 the process of bringing new methods, products’ or ideas into use.

a set of government programs that protect people who face unfavorable economic conditions