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chapter 2 Quiz

Select the Definition that corresponds to the displayed Term.
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1. self-interest




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2. competition




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3. standard of living




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4. voluntary exchange




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5. command economy




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6. contracts




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7. full employment




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8. authoritarian socialism




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9. incentive




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10. democratic socialism




Select the Term that corresponds to the displayed Definition.
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11. property owned legally by individuals




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12. the free exchange of goods and services; also called a market place




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13. a market that sells resources to companies to make their products




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14. traditional, market, and command combined




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15. when prices stay constant




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16. an economy in which production is based on customs and tradition




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17. individuals own and control production




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18. free marketing in one enterprise




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19. gov. owns or controls everything




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20. an economy in which the gov. has little say in what how and for whom goods are produced and stacked on shelves conomy





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