Economics Chapter 2

an economic system in which the government makes all economic decisions

systems require absolute obedience to to those in power

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

Karl Marx was born in which country?

Who is Friedrich Engels?

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

(check all that apply)

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

financial gain that a seller makes from a buissnes transaction

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

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