Mod 2 Vocabulary ChallengeIn a 1, the three basic economic questions of what to produce, how to produce, and for whom to produce are answered in the same way they have been for generations. In a 2 , in contrast, the government makes most economic decisions. Two systems in which government plays a strong role are socialism and 3 . In the transition between types of economic systems, the government may 4 industries, taking them out of private ownership. A 5 economy rests on private ownership, however, so 6 guaranteed by the government are vitally important. A market economy also depends on 7 to help produce the highest quality goods at the lowest price. Sellers are motivated by the chance to make a 8 , so they try to use their resources as efficiently as possible. The 9 shows the flow of money as well as the flow of products and resources in the 10 that takes place between buyers and sellers in a market economy. The most common kind of economy today is the 11 which blends elements from all three systems. The elements of systems developed by two economists- and , are combined in these types of economies.13 is another name for capitalism. Three features of this type of economy are open opportunity, legal equality, and 14 , or the right to enter into agreements of one’s choice. The 15 is a driving force in a free enterprise system, urging entrepreneurs to enter the market. The market allocates resources through the activities of both producers and consumers. Producers, seeking 16 , move their resources into the most productive areas. Consumers, through their dollar votes, help determine which products succeed and which fail. Left on its own, however, a free market cannot address many social issues. The United States has a 17 ,