MGTA01H3 Chapter 2: Chapter 2 notes (What I used to study for final)

33) The comparison of what an economic system produces to the resources used to produce it is known as: a) productivity aggregate output GDP resource ratio

12) The economic system in which producers and consumers control production and allocation decisions through supply and demand is called: b) market economy planned economy communism socialism

25) Socialism is best described as: b) c) an economy that is free from any regulation or planning an economic system with elements of both a planned economy and a market economy a kind of command economy in which the government owns and operates all industries a kind of command economy in which the government owns and operates many of the factors of production, including many large critical industries