Duplicate of Ch. 2 - Economic Systems

Which of the following are economic goals and values that different systems attempt to meet?

The type of command system with high taxes, an even distribution of wealth, but democracy is

The concentration of the productive resources of individuals and businesses is known as

During which decade did the Chinese government begin to implement several free-market concepts?

Which of the following is not a characteristic of the free market system?

The hope of reward, or fear of penalty, that encourages a person to behave a certain way is an

An economic system which lacks any regulation by the government 

In a free market, who owns the factors of production?

An individual who favors a larger government role in the economy and society would be a

The doctrine that government generally should not intervene in the marketplace ("let it be")

An economic system in which the government answers the three economic questions is known as

What two forces did Adam Smith say were working together to regulate the marketplace?

Land, labor, and capital are known as

Scottish philosopher who wrote about the market system in his book, The Wealth of Nations...

Which country is beginning to show signs of economic transition in some new economic policies?

Markets exist primarily because

Which economic principle governs capitalism?

The free market concept that states "buyers have the power to decide what gets produced" is 

In which type of economic system does the government play the largest role in the economy?

Any arrangement that allows buyers and sellers to conduct an exchange is a 

Which of the following underwent a period of economic transition during the early 1990's?

Process of selling businesses or services operated by the government to individual investors

Which of the following might be a positive aspect of a centrally planned economy?

The money people receive in return for land, labor, and capital is known as

An individual who favors "smaller" government, lower taxes, and limited regulation would be

An economic system based on tradition, custom, and ritual, with little change from the outside

Each society must answer the three basic economic questions based on 

The type of centrally planned economy where there is an authoritarian government is 

An economic system in which consumers choose, but the government regulates...

All of the following are characteristics of Traditional Economies except