How a society is organized to make the 4 basic production decisions
Chapter 2 Vocabulary Name:
Fill in the parentheses with the letter of the term being described.
g. Economic system
n. Command System
j. Product markets
o. Invisible hand
f. Market System
k. Resource Markets
i. Circular flow
m. Laissez-faire capitalism
- ( m ) Individual decision making with little or no government interference.
- ( ) Self-interest helps people provide goods that are in demand by society (they will sell.)
- ( ) Economic decisions are made by central planners, as the Communists did.
- ( ) Place in the circular flow where resources are provided.
- ( f ) Economic decisions are made by individual buyers and sellers
- ( ) Where buyers and sellers come together to exchange goods or services.
- ( ) Markets where businesses provide output for household consumption, like a Winn Dixie
- ( ) Markets where households provide their resources for businesses to use in production, like an employment office or realtor.
- ( ) Shows the flow of resources from households to businesses through resource markets and the flow of money from households to businesses through output markets.
- ( ) How a society is organized to make the 4 basic production decisions.