Economics Chapter 2

an economic system in which the government makes all economic decisions

• economic system

• command economy

• market economy

• traditional economy

systems require absolute obedience to to those in power

• Socialism

• Communism

• Authoritarian

the government owns all the factors of production and there is little or no political freedom

• Socialism

• Communism

• Authoritarian

Karl Marx was born in which country?

• Germany

• Russia

• France

• England

Who is Friedrich Engels?

• a Russian articrat

• Marx's cousin

• son of a factory owner

• son of a restaurant owner

Some of the people that Karl Marx's writing influenced were:

(check all that apply)

• Friedrich Engels

• V. I. Lenin

• Drake

• Mao Zedong

involves all the actions sellers, acting independently do, to get buyers to purchase their products

• Laissez faire

• Capitalism

• Profit

• Competition

• Voluntary Exchange

financial gain that a seller makes from a buissnes transaction

• Laissez faire

• Capitalism

• Profit

• Competition

• Voluntary Exchange

a trade in which both traders believe that what they are getting is worth more than what they are giving up

• Laissez faire

• Capitalism

• Profit

• Competition

• Voluntary Exchange

What economic system is characterized by the absence of government intervention in economic activities?

• Socialism

• Communism

• Laissez faire

• Authoritarian