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Section 2 review

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

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

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