Ch. 2 Study Guide

Define Terms on pgs. 23, 28, 34 & 40

1. What are the three key economic questions?
2. What are the five main economic goals?
3. How do a traditional economy, a market economy, a centrally planned economy and a mixed economy differ?
4. How does a capitalist system allocate scarce resources?
5. Study the Circular Flow Model of a Market Economy on pg. 30. What is exchanged in the factor market?
6. What is exchanged in the product market?
7. What did Adam Smith mean by “The Invisible Hand” of the marketplace?
8. In what kind of economic system does the government own key industries?
9. How do socialism and communism differ?
10. Study the Circular Flow Model of a Mixed Economy on pg. 42. In what ways does the government participate in the marketplace?

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