Competition and profit motive are important characteristics of a:

This type of economy is passed down through family traditions. They learn from their parents.

Which of the following are markets involved in the circular flow model?

The amount of money a business makes after its expenses are paid

This means that the government should not interfere in the marketplace.

In this type of economy, the people decide the supply, demand, and price.

The driving force behind people going into business is

Focusing on a narrow range of products/services that can be produced most efficiently and cost-effectively.

Capitalism is in what type of economy?

Which type of economy has central ownership, the government, and lack of individual choice?

The concept that people have the right and privilege to control their possessions as they wish.

When customers and business owners exchange products and money, because it will help them both in some way.

The type of government that has total control over the people and the police use power by force is called what?

Buyers choose what items are produced based on their spending habits

A economist who introduced the steady increase of the supply of money within growing economies.