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19 Cards in this Set
- Front
- Back
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economic system
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is the system of production, distribution and consumption of goods and services of an economy.
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capitalism
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is an economic and social system in which trade, industry and the means of production (capital) are privately controlled and operated for a profit.
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economic system
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a. Alternatively, it is the set of of principles and techniques by which problems of economics are addressed, such as the economic problem of scarcity through allocation of finite productive resources.
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capitalism
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1. The means of production (also known as capital), are owned, operated, and traded for the purpose of generating profits for private owners, either singly or jointly.
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capitalism
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2. In a capitalist state, private property rights are protected by the rule of law of a government through a limited regulatory framework.
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capitalism
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3. Although the role of government has varied widely in capitalist systems, the term "capitalism" is often used to refer specifically to free market capitalism.
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capitalism
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4. Some consider laissez-faire to be pure capitalism, although it has never existed in practice.
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laissez faire
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minimizing or eliminating state interference in economic affairs, allowing the free play of supply and demand. All large economies today have a mixture of private and public ownership and control, so some feel that the term mixed economy describes most contemporary economies.
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free market
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is an economic system that incorporates a mixture of private and government ownership or control, or a mixture of capitalism and socialism
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free market
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1. There is not one single definition for a mixed economy, but relevant aspects include: a degree of private economic freedom (including privately owned industry) intermingled with centralized economic planning and government regulation (which may include regulation of the market for environmental concerns and social welfare, or state ownership and management of some of the means of production for national or social objectives).
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free market
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2. Economies ranging from the United States to Cuba have been termed mixed economies.
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socialism
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refers to any one of various theories of economic organization advocating public or collective ownership and administration of the means of production and distribution of goods, and a society characterized by equal opportunities/means for all individuals with a more egalitarian method of compensation.
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socialism
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1. Modern socialism originated in the late 18th-century intellectual and working class political movement that criticized the effects of industrialization and private ownership on society.
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socialism
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2. Socialists mainly share the belief that capitalism unfairly concentrates power and wealth among a small segment of society that controls capital, creates an unequal society, and does not provide equal opportunities for everyone in society.
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socailism
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3. Therefore socialists advocate the creation of a society in which wealth and power are distributed more evenly based on the amount of work expended in production, although there is considerable disagreement among socialists over how and to what extent this could be achieved.
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socailism
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a. Some socialists advocate complete nationalization of the means of production, distribution, and exchange; others advocate state control of capital within the framework of a market economy.
i. Venezula and Bolivia |
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communism
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based on common ownership and control of the means of production and property in general.
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communism
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it is the last step.
a. It is often used interchangeably with Socialism, but it isn’t. Ownership of property is through the government and it comes about because of revolution. b. Karl Marx is man who came up with the idea. |
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command economy democratic socialism
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1. Cradle to the Grave Benfits.
a. Government provides care for its people. b. “No one will go hungry/homeless – no one will be rich or poor.” i. Health Care, Education, Employment, retirement, and even funerals are all paid for by the government |
