The method used by society to produce and distribute goods and services is known as its...

Economic review

What goods and services are produced? How are they produced? Who consumes the goods?

What do people recieve in return for supplying land labor and capital?

The idea that government should NOT intervene

Circular flow model that we drew shows interaction between what two things?

What type of economic system are decisions mainly based on customs?

Social and political philosophy based on the belief that democratic means should be used to distribute wealth evenly

Competition and self interest are two important forces in what type of economic system?

Who makes all the decisions in a centrally planned govt

Which economic goal is difficult to achieve in free market?

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Economic review Flashcards

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