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Section 2 review

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

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

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