chapter 2 economics quizlet

What is an economic system chapter 2?
CHAPTER 2 KEY CONCEPT.
An economic system is the way in which a society uses its scarce resources to satisfy its people's unlimited wants.
What feature stands out more in market economies than in other kinds of economies?
Market economies have little government intervention, allowing private ownership to determine all business decisions concerning how a business is run.
This type of economy leads to greater efficiency, productivity, and innovation.
World Population Review. "Market Economy Countries 2023."
What is the level of economic prosperity?
Economic prosperity, when referring to a community or region, is basically when the economy is thriving, characterized by increasing employment rates, rising GDP, and stable economic growth.
The two major economic systems in modern societies are capitalism and socialism.

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