Economics Homework Online Questions Chapter 2-3 - 1 An...

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1. An economic system intends to address ______ goods and services are to be produced, ________ they are to be produced, _________ gets what is produced, how to accommodate change and how to promote technological progress. What, How, and Who 2.
4.
6. In a market system, private property refers to the right of private firms and individuals, not the
7. The millions of decisions made by households and business are highly coordinated with one
8. In which of the following do private individuals and firms own most of the property resources
9. In a market system, _____ create powerful incentives for firms to innovate and entrepreneurs to
10. In the type of capitalism practiced in the United States and most other countries, the government plays _____ role.
11.
12. Which of the following enables individuals and businesses to obtain, use and dispose of property
13. Private property rights, coupled with the freedom to negotiate binding legal _______ enables individuals and businesses to obtain, use, and dispose of property resources as they see fit.

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