Explain how society resolves the conflict among goals which conflict.

Choose the word that works best in each sentence. You can use a dictionary or thesaurus to help you.

This issue is not a (negotiable/bargainable) one.

Identify the advantages and disadvantages of a command economy.

Reproduce the diagram shown in an text on a separate sheet of paper. Then, in the spaces indicated, identify several elements of command and tradition in the U.S. economy that make it a mixed, or modified private enterprise, economy.

Explain how an increase in the minimum wage might involve a conflict of goals.

On a separate sheet of paper, write the letter of the key term that best matches statement below.

a rise in the general level of prices

a. capitalism b. command economy c. consumer sovereignty d. economic system e. fixed income f. inflation g. private property rights h. profit motive i. traditional economy j. voluntary exchange

On a separate sheet of paper, write the letter of the key term that best matches statement below.

the driving force that encourages people and organizations to try to improve their material well-being

a. capitalism b. command economy c. consumer sovereignty d. economic system e. fixed income f. inflation g. private property rights h. profit motive i. traditional economy j. voluntary exchange

Describe the seven major goals of the United States economy.

Describe how a market economy, a traditional economy, and a command economy adapt to change.

Making Inferences What incentive does owning private property give people.

Describe the characteristics of a traditional economy.

List the five major characteristics of a free enterprise system.

How does the principle of voluntary exchange operate in a market economy?

If you were to change economic security to economic efficiency in example given earlier, how would this change your placement of the minimum wage policy? Or, would it?