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Section 2 review

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

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

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