Economics Chapter 2 Quizlet

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An economy in which a central government authority makes all basic economic decisions and controls the factors of production. Macroeconomics 8 units · 46 skills. Click the card to flip 👆. Economic system can change direction quickly and drastically. An economy in which production is based on customs and tradition.

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Examples of oligopoly abound and include the auto industry, cable television, and commercial. What are disadvantages?, explain the difference between socialism and a pure command economy. In drawing the production possibilities curve, we shall assume that the economy can produce only two goods and that the quantities of factors of production and the. The opportunity cost of bus tickets is.

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Web terms in this set (22) traditional economy. A) exports of goods and services. Chapter 1 1.1 what is economics, and why is it important? B) government goods and services.