Economics Ch 2

Freedom from government intervention in the production and distribution of goods and services:

Assurance that goods and services will be available, payments will be made on time, and a safety net will protect individuals in times of economic disaster:

Fair distribution of wealth:

Innovation leads to economic growth, and economic growth leads to a higher standard of living:

Fair distribution of wealth

Innovation leads to economic growth, and economic growth leads to a higher standard of living

____________________rely on habit, custom, or ritual to decide what to produce, how to produce it, and to whom to distribute it.

_____________________the central government makes all decisions about the production and consumption of goods and services.

economic decisions are made by individuals and are based on exchange, or trade.

________________are systems that combine tradition and the free market with limited government intervention.