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PLCY 110 Sullivan Midterm -1 with answers

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PLCY 110 Sullivan Midterm -1 with answers

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PLCY 110 Sullivan Midterm #1 with
answers

capitalism - ....🔰VERIFIED ANSWERS.... ✔✔a social and economic system
that is a free-market economy in which the means of production are privately
owned and operated and supply and demand determines resource allocation


socialism - ....🔰VERIFIED ANSWERS.... ✔✔a social and economic system
that puts a high priority on equal allocation of resources and the means of
production are collectively owned


democracy - ....🔰VERIFIED ANSWERS.... ✔✔a form of government in which
all citizens can elect representatives to determine the laws by which the society
is run


managed trade - ....🔰VERIFIED ANSWERS.... ✔✔the system employed by
every country where the government plays some role in the control of
international exchange


economic liberalism - ....🔰VERIFIED ANSWERS.... ✔✔Tenants of this
ideology are free-market economics, market fundamentalism, economic
freedom, and laissez-faire economics. Proponents support deregulation, private
ownership, open orders, and small government.


opportunity cost - ....🔰VERIFIED ANSWERS.... ✔✔the value of whatever
someone has to give up to do something else

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