Economic Systems Flashcardizz

Front

How many economic questions should society be answering in regards to the organization of their economy?

Back

3 questions

Front

In his book, Wealth of Nations, Adam Smith for what type of economy?

Back

free enterprise system

Front

Who are the people who make and sell goods in a free enterprise system?

Back

producers

Front

What law in the free enterprise system determines the prices of goods and services?

Back

Law of Supply and Demand

Front

If the demand of a product or service is high, what happens to the price of that product/service?

Back

Price goes up

Front

What is the economic theory that the government should interfere as little as possible in the economy?

Back

Laissez-faire

Front

The other alternative economic systems to capitalism rose as a result due to what? Options: desire for voting rights, fair civil rights, looking for private ownership

Back

inequalities created by the industrial revolution

Front

A communist economy is also known as?

Back

Command economy