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Economics Ch. 2

Linda Blankenship

Economic Systems

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3.An economic system characterized by private or corporate ownership of capital goods; investments that are determined by private decision, rather than by state control; and determined in a free market. (2 words)
7.In this economic system, economic decisions are based largely on custom. (2 words)
10.A range with no clear divisions
11.An economic goal best promoted by the free market
13.A period of change in which an economy moves away from a centrally planned economy toward a market-based economy.
14.Another economic goal best promoted by the free market
1.The government makes all the important economic decisions. (3 words)
2.combine features of both centrally planned and free market economies. (2 words)
4.Property that is owned by individuals or companies, not by the government or the people as a whole. (2 words)
5.The doctrine that states that government generally should not intervene in the marketplace. (2 words)
6.To sell state-run firms to individuals.
8.This allows us to exchange the things we have for the things we need.
9.They believe that economic equality is only possible if the public controls the economy.
12.This country has the most extreme example of a centrally planned economy. (2 words)

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