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Section 2 review

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

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

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