The way a society uses scarce resources to satisfy its people's unlimited wants is called an economic

Absolute loyalty to the people in power is required by a(n)

Between 1867 and 1894, Karl Marx published a 3-volume study called

The government owns some, but not all, factors of production in a(n)

In economic terms, property means

With voluntary exchange, a buyer and seller agree to do business together

In a market economy, the real power in the market place is held by the

A circular flow model shows how

An advantage of a pure market economy is that it

In a factor market

Suppliers in a product market are

The nation where government plays the most limited role in the economy is

Global financial transactions have been made quick, inexpensive, and easy by

When a nation's economy privatizes it changes from

When a nation's economy nationalizes it changes from

In a communist economy, resources are owned by

With capitalism, the allocation of goods and resources is determined by

In a communist economy, workers are

With capitalism, investment is driven by

With capitalism, income distribution is determined by market forces

Part 3: Extended Response
Answer the following questions on the back of this paper or on a separate sheet of paper.

What are the advantages and disadvantages of a traditional economy?

Think About:
-  methods of production
-  ritual and customs
-  traditionally defined roles

Explain the growth of the global economy.

Think About:
-  transportation
-  computers
-  business operations