Choose the best word to fill in the blank. "The three fundamental economic ques"ons are what to produce, ______________, and for whom."

Which method of distribution is most commonly used by online bookstores?

Which of these economic goals is most important in a traditional economy?

Why are economies most efficient when they have full employment?

What does Adam Smith’s idea of an “invisible hand” represent?

In the circular flow model, which of these is a factor payment?

Why did the Soviet Union experience many surpluses and shortfalls?

Which kind of economy is most common today?

Which is the best example of a transfer payment?

What would the government do in a model free enterprise system?

The three fundamental economic questions are

Why does every society face difficult choices in deciding what to produce?

The ability to make our own economic decisions without interference from the government is called

A society that values economic equity seeks to

Which economic goal is encroached upon when the government taxes your wages in order to provide unemployment benefits to help those out of work?

Most traditional economies today are found

Market economies

What does the circular flow model illustrate?

The two kinds of markets in the circular flow model are

When Adam Smith wrote about "the invisible hand," he was referring to the power of

Which economic goals are emphasized in a modern command economy?

Which economic goals are emphasized in a market economy?

What is the role of government in a mixed economy?

Which statement about a mixed economy is true?

One of the most free economies in the world is

Individuals own the factors of production and make decisions about how to use those factors in

Why is competition important to a free enterprise system?

In a laissez-faire economy,

Intellectual property laws

The most significant driving force of the free enterprise system is

Americans dearly value their economic freedom, so much that we even describe our economy as a profit economy.