Economics Unit 2 Lesson 6 The Three Economic Questions Quick Check
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How do property rights influence the exchange of goods and services in the market?
Property rights determine ownership of resources among businesses, individuals, and governments.
What is gross domestic product?
the total value of goods produced and services provided in a country during one year
What is the basic economic problem that societies must solve?
How to allocate resources in order to best satisfy the needs and wants of people.
In which economic system are price signals, resulting from supply and demand forces, the only determining factor for the goods and services that the econory produces?
a market economy
Which of the following ideas is most closely associated with Adam Smith?
laissez-faire
