What is an economic system that emphasizes freedom of choice and individual incentive?
The U.S. economic system of free enterprise has five main principles: the freedom for individuals to choose businesses, the right to private property, profits as an incentive, competition, and consumer sovereignty.
What is the economic system in which there is freedom of choice for workers investors and consumers?
Capitalism is an economic system providing free choice and individual incentive for workers, investors, consumers, and business enterprises. A free enterprise system is an economic system based on private ownership of the means of production and on individual economic freedom.
Which economic theory emphasizes public ownership and control of property and resources?
Socialism is the social and economic doctrine that espouses public over private ownership and control of property and natural resources.
What do we call a loose union of independent states?
Confederacy. a “loose union” of independent states.
Is a loose union of independent states?
A loose union of independent states is a. confederacy. The effort to control or influence the conduct of government is called. A confederation (also known as a confederacy or league) is a union of sovereign groups or states, united for purposes of common action.
What type of government is a loose group of independent states?
A confederation is a loose group of independent states that agree on particular matters to cooperate.
Which was not a weakness of the Articles of Confederation?
league of friendship
What force would dictate economic decisions in a Marxist economy?
Explanation: In a Marxist based economy, we will see a command type of economy. This type of economy is an economy in which there is no private sector, no private businesses, but instead, everything is controlled by the government.
What force would dictate economic decisions in a market economy?
Market Theory Market economies work using the forces of supply and demand to determine the appropriate prices and quantities for most goods and services in the economy.
What force would dictate economic decisions?
Consumer demand influences business decisions. Economic growth is not a top priority. Most business decisions are made by the government.
What are the three basic economic questions and why are they important?
In order to meet the needs of its people, every society must answer three basic economic questions: What should we produce? How should we produce it? For whom should we produce it?
What three basic questions must every society answer?
Every society must answer three economic questions: What goods and services should be produced? How should these goods and services be produced? Who consumes these goods and services?
What causes every society to answer the 3 basic economic questions?
the reason why we must answer the three basic economic questions (what and how much g/s to produce, how will they be produced, and for whom will they be produced) occurs when wants are greater than resources available. You just studied 53 terms!
Which of these economic goals is most important in a traditional economy?
What economic goal is the most important in a traditional economy? Why are economies most efficient when they have full employment? Economic goal that ensures old, sick and poor people are taken care of in society.