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QR Challenge: Economic Systems

Question	Answer
What is a system in which economic decisions are based on customs and beliefs that have been handed down from generation to generation called?	Traditional economy
What is a system in which the government controls the factors of production and makes all decisions about their use called?2	Command Economy2
What is an economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference called?3	Free Enterprise3
A phrase coined by Adam Smith to describe the process that turns self-directed gain into social and economic benefits for all?4	Invisible Hand4
Different people doing different jobs that in the end all combine to finish a complicated task or activity also called specialization.5	Division of Labor5
The total market value of all final goods and services produced within the borders of a nation within a year.6	GDP6
The resources necessary to produce all goods and services: land, labor, capital, and entrepreneurship.7	Factors of Production7
A rise in the general level of prices.8	Inflation8
What type of economy provides a stable,predictable,and continuous life?9	Traditional
What type of economy provides basic education,health,and other public services available at little or no cost?10	Command10
What type of economy has little or no government interference?11	Market11
What type of economy is practiced by the African MButi?12	Traditional12
What type of economy does not produce enough public goods such as defense, education, or health care?13	Market
What type of a economy does a poor job of meeting the wants and needs of the consumer?14	Command14
What is Mr. McDowell's favorite movie?(Hint: It stars Marlon Brando)15	The Godfather15