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Section 2 review

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

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

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