1. indiv l freedom exists economically and politically in places where ____________ and ____________ allow…

1. indiv l freedom exists economically and politically in places where ____________ and ____________ allow people to choose their government as well as their purchases.\n2. because in market economies production is based on people’s ____________, not just their needs, there is a wide ____________ of options available for many kinds of goods and services.\n3. price can drive ____________ in market economies, where consumers’ demands lead to producers’ innovations that make the most of scarce or expensive ____________.\n4. companies competing for business produce better ____________, usually for ____________ money. this promotes economic ____________.\n5. economists think of ____________ as the accumulation of products that are ____________, scarce, have utility, and are ____________ from one person to another.

1. indiv l freedom exists economically and politically in places where ____________ and ____________ allow people to choose their government as well as their purchases.\n2. because in market economies production is based on people’s ____________, not just their needs, there is a wide ____________ of options available for many kinds of goods and services.\n3. price can drive ____________ in market economies, where consumers’ demands lead to producers’ innovations that make the most of scarce or expensive ____________.\n4. companies competing for business produce better ____________, usually for ____________ money. this promotes economic ____________.\n5. economists think of ____________ as the accumulation of products that are ____________, scarce, have utility, and are ____________ from one person to another.

Answer

Brief Explanations:

  1. In a democratic - political system people can choose their government, and in a free - market system they can choose their purchases.
  2. In market economies, production is demand - driven, leading to a variety of goods and services.
  3. Price signals in market economies drive innovation as producers respond to consumer demands to deal with scarce resources.
  4. Competition among companies leads to better products at lower costs, promoting economic growth.
  5. Economists define wealth as accumulated products that are transferable, scarce, and have utility.

Answer:

  1. Democracy; Free - market
  2. Demands; Variety
  3. Innovation; Resources
  4. Products; Less; Growth
  5. Wealth; Transferable