Economics

1. eliminates free trade barriers, promotes fair competition, and increases investment opportunities among the three nations.
3. supported equality and a strong central government.
6. allows less political freedom, which results in a lower level of economic freedom.
7. who believed that nations would benefit from a laissez-faire economy, which prevents the government from interfering with trade between individuals?
8. an economic system that is centrally controlled by a powerful government.
10. combines the competition, self-interest, and profit motive of free market economies with the government regulation and restrictions of command economies.

2. Individuals in this economic system are able to decide what goods and services should be produced, how they should be produced, and for whom they are produced.
4. This term refers to an individual’s right to answer the three basic economic questions without interference from the government.
5. based on customs and historical precedent.
9. the branch of knowledge concerned with the production, consumption, and transfer of wealth.