Matching
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a. | free enterprise | k. | factor payments | b. | command
economy | l. | consumer sovereignty | c. | household | m. | invisible hand | d. | competition | n. | communism | e. | economic
system | o. | firm | f. | communist | p. | factor market | g. | Adam Smith | q. | collective | h. | centrally planned economy | r. | incentive | i. | continuum | s. | authoritarian | j. | heavy industry |
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1.
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the method used by a society to produce and
distribute goods and services
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2.
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a person or group of people living in the same
residence
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3.
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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
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4.
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a range with no clear divisions
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5.
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the income people receive for supplying factors of
production, such as land, labor, or capital
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6.
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an organization that uses resources to produce a
product, which it then sells
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7.
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the struggle among producers for the
dollars of consumers
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8.
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large farm leased from the state to groups of
peasant farmers
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9.
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economic system in which the central government
makes all decisions on the production and consumption of goods and services
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10.
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the father of modern Capitalism
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11.
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industry that requires a large capital investment
and that produces items used in other industries
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12.
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The term was adopted by the
Bolsheviks
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13.
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the power of consumers to decide what gets
produced
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14.
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requiring strict obedience to an authority, such as
a dictator
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15.
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an expectation that encourages people to behave in
a certain way
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16.
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market in which firms purchase the factors of
production from households
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17.
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a political system characterized by a centrally
planned economy with all economic and political power resting in the hands of the central
government
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18.
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term economists use to
describe the self regulating nature of the marketplace
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19.
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economic system in which a central authority is in
command of the economy; a centrally planned economy
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