Question

1. _______ is a system which relies on individuals to act in their own self-interest. a....

1. _______ is a system which relies on individuals to act in their own self-interest.

a. market economy    b. socialism      c. fuedalim   d. mercantilism

2. Markets coordinate economic activity through:

a. the invisible hand    b. government regulation c. social convention d. the benevolence of producers and consumers

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Answer #1

Answer:

1] b. socialism

Socialism is a system which relies on individuals to act in their own self-interest.

it is an economic system based on individuals' goodwill toward others, not on their own self-interest, and in which, in principle, society decides what, how, and for whom.

2] a. the invisible hand

Markets are based upon the price mechanism--encouraging the production and discouraging the consumption of goods that are in shortage by raising their price.

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