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5 Cards in this Set
- Front
- Back
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Socialism`
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Producers have political power
government owns most resources and has control Centralized economic decision making (not like this in US) |
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Criticisms of Socialism
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Reduced incentives for workers
reduced prosperity slow technological advances |
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Capitalism
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Economic system
open competition in a free market means of production and distribution are privately or corporately owned market economy investments, distribution, income, production, and pricing of goods and services are determined through the companies |
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problems with capitalism
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does not provide for basic needs of low income people
tends to not provide information to consumers on its own, does not ensure safety (with out govt. intervention, these poor quality products are still on the market) No guarantee of truthfulness in advertising no assurance of fair/just marketplace not designed to protect the environment no assurance of redress awards only most efficient firms no moral mandate of fairness, equity, and concerns for the future does not price scare natural resources according to true cost |
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Standard
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Level of material goods an individual or group desires to attain
standard of living |
