Chapter 2 Test Review Flashcards

Front

Lack of capital resources in communist economies

Back

Private investors not allowed by government

Front

Cashier in grocery store

Back

Labor resource

Front

Rice as a factor of production

Back

Natural resource

Front

Boost employment and economic development

Back

Entrepreneurs

Front

Free enterprise: Who decides production?

Back

Business owners Communist economy: Who decides production? Government

Front

Competition in a free enterprise economy leads to:

Back

Higher quality and lower prices.

Front

U.S. economic system allowing brand choice

Back

Free enterprise (market)

Front

Characteristics of which economic system?

Back

Traditional

Front

Characteristics of a socialist economic system

Back

100% government-owned companies

Front

Advantage of citizenship in representative government

Back

More rights for citizens