Lesson 15

Question 1

Capitalism

Answer 1

Resouces are owned and allocated by private individuals

The gov. has little role to play

Question 2

An effective market economy will have what type of markets?

Answer 2

very competitive markets

Question 3

Mixed economy

Answer 3

Some resources are owned and allocated by the gov. and some by private individuals

The gov. has some role to play

Question 4

Productive efficiency

Answer 4

All resources are being used

So no more could be produced