Chapter 3: Economic System
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Free markets
________ are unaffected by third parties who are uninvolved.
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Households
________ spend their wages and profit to purchase the goods and services that the firms supply.
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Government intervention
________ impacts the invisible hand in the economy but they still have an important role to play in the economy.
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economic system
The ________ where supply and demand define the prices.
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USA
The ________ is closer to a capitalist economy than a command whereas Cuba is the opposite, being closer to the command economy.