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Econ Chapter 2 | Questions And Answers Latest {} A+ Graded | 100% Verified
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Econ Chapter 2 | Questions And Answers Latest {} A+ Graded | 100% Verified
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Econ Chapter 2 | Questions And Answers Latest {2024- 2025} A+ Graded |100% Verified
Authoritarian - A government in which one leader or group of people holds absolute power.
centrally planned economy - an economy in which the government decides how economic resources
will be allocated
command economy - an economy in which production, investment, prices, and incomes are
determined centrally by a government.
Communism - A theory or system of social organization based on the holding of all property in
common, actual ownership being ascribed to the community as a whole or to the state.
competition - the struggle among producers for the dollars of consumers
consumer sovereignty - the situation in an economy where the desires and needs of consumers
control the output of producers.
economic system - the method used by a society to produce and distribute goods and services
economic transition - a period of change in which a nation moves from one economic system to
another
factor market - market in which firms purchase the factors of production from households
firm - an organization that uses resources to produce a product, which it then sells
free enterprise system - an economic system characterized by private or corporate ownership of
capital goods
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