Econ 2 Matching
| Advantages of free market |
| 1.Economic Efficiency, 2.Economic Freedom,3.Economic Growth |
| Amount of money a business receives in excess of its expenses |
| Concentration of the productive efforts of individuals and businesses on a limited number of activities |
| What must be done to improve the standard of living of a nation? |
| Another name for Free Market Economy |
| Oldest and simplest, relies on ha0bit, custom, or ritual to answer the three key economic questions-revolves around the family |
| Oldest and simplest, relies on habit, custom, or ritual to answer the three key economic questions-revolves around the family |
| Business or organization that uses resources to produce a product or service, which is then sold |
| Arena of exchange in which firms purchase the factors of production from households |
| The selling of state run firms which are then allowed to compete in the marketplace |
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