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16 Cards in this Set
- Front
- Back
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Mercantilism
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advocated the accumulation of fold and silver as national wealth
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Laissez Faire
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govt should generally leave the economy of a nation alone and allow the people to seek their own profit
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Capitalism
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econ system in which private individuals own most of the factors of production and make most econ decisions
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Nationalization
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govt acquisition of the ownership of major industries
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Classic liberal capitalism
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capotalism allwoing govt only minimal ownership of resoures and decision-making power
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Radical capitalism
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most extreme capitalism which private citizens own all factors of production and make all econ decisions
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Favorable balance of trade
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condition experienced when a nation sells more goods abroad than it purchases from foreign nations
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Welfare state
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a nation under extreme state capitalism in which high taxes are used to provide wide social programs
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Manifesto
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a public declaration of one's political or social beliefs and intentions
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Socialism
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econ system which a central authority, committee, or people in common generally own the factors of production and make econ decisions
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Privatization
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govt's selling of nationalized business back to private owners
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Communism
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the most extreme form of socialism in which all individuals voluntarily contribute their labor for the good of society while taking from the econ only the g/s that very truely need
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Public goods
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needed g/s which private firms cannot create at a profit
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Worker management socialism
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govt owns all business firms but allows the workers to make many major econ decisions collectively.
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State capitalism
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capitalism. the vast majority of the factors of production are owned by private citizens, but govt intervenes widely in econ decisions to ensure that egalitarian goals are carried out
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European social democracy
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Socialism. state takes possession of econ's major industries but allow some private enterprise and decision making
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