True or False: A Traditional Economy answers the 3 basic economic questions.

True and False: A Traditional economy allows people to choose an occupation they are best at..

A system in which society’s leaders make all economic decisions.

An economic system in which the government owns some of all of the factors of production.

Similar to socialism but there is no political freedom and much more authoritarian

Believed all of history is a struggle between classes; founded Socialism and Communism

Command economies lead to bad decisions by planners and ___________ workers.

Economic system based on private ownership of factors of production

The term Laissez Faire means _________

When a buyer and seller agree to do business together.

To change from government to private

Market where goods and services are bought.

Financial gain from a business transaction.

Market for production (Land, labor, capital, entrepreneurship).

What is the effort of 2 or more people, acting independently, to get the business of others by offering the best deal?

Consumers have ultimate control over what is produced refers to

What is a situation where people concentrate their efforts in the areas where they have an advantage?

What is the main motivation in a market economy?

Economic system based on private ownership of the factors of production.