Resource Allocation and Economic Systems
AP Microeconomics · Flashcards · Recall
AP MICROECONOMICS · FLASHCARDS
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QUESTION
Identify the primary economic systems.
QUESTION
Which economic system combines elements of market and command economies?
QUESTION
What is the invisible hand?
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ANSWER
The unseen forces that move the free market economy. Adam Smith's concept of self-interest guiding efficient market outcomes.
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