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Section 2 review

Author: Sutton Mary
Description:
Keywords: , , , , , , online teaching

Content:
Definitions:
0. economic freedom
1. Adam Smith
2. Economic System
3. Traditional Economy
4. Mixed Economy
5. market
6. Command Economy
7. Socialism
8. Karl Marx
9. Quotas
10. Market Economy
11. Proletariat
12. competition
13. liberalization
14. laissez-faire
15. tariff

Answers:
0. Government minimizes interference
1. less strict
2. Wrote %27Wealth of Nations%27 Father of Capitalism
3. Wrote %27Communist Manifesto%27
4. Consumers, businesses, and government work together.
5. incentive for others to lower price
6. Every decision is based off of custom or habit.
7. right to choose
8. place were goods/ services freely exchanged
9. Consumers determine what to produce and businesses decide how/whom
10. Only earn enough to stay alive
11. money handed out
12. Government controls what, how, and for whom to produce.
13. Workers according to Karl Marx
14. imposed fee
15. Way a society organizes and produces goods/ services
.