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37 Cards in this Set
- Front
- Back
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what form of socialism gives the state control of the major industries but allows some private enterprise and decision making? |
European social democracy |
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What term describes a nation that exports more good than it imports? |
fair balance of trade |
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What do we call the process of a government's acquiring major industries from private citizens? |
nationalization |
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What philosophy of economics is supported by The Wealth of Nations? |
laissez-faire or classic-liberal capitalism |
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What kind of capitalist nation relies on high taxes to redistribute wealth? |
welfare state |
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What economic philosophy promotes the accumulation of gold and silver as a demonstration of national wealth? |
mercantilism |
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What form of capitalism allows individuals to own the vast majority of natural resources but gives the government a major role in economic decisions? |
state captialism |
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What two goods were the standard of a nation's wealth in western Europe from the 1500s to the 1700s? |
gold and silver |
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What do we call the process of a government's selling its state industries to private citizens? |
privitization |
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Who is the Father of Laissez-Faire Economics? |
Adam Smith |
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Define capitalism- |
Define socialism- |
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Define radical capitalism- |
Define worker-management socialism |
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What term describes products or services that people need but that private firms cannot create profitably? |
public goods |
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Essay: The answers to what 2 fundamental questions determine whether a nation is capitalistic or socialistic? |
Essay: List the seven main economic systems in order from one extreme to the other |
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Essay: What are the 5 major goals of a mercantilist country? |
. |
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Who wrote the Wealth of Nations? |
Adam Smith |
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What type of economic system stresses the freedom of private individuals to own the factors of production and to make the economic choices |
captialism |
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What economic philosophy, first popularized in 1776, advised the government to keep its hands off the economy and the let the private citizens pursue their own wealth |
laissez-faire |
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How did Adam Smith answer the charge that economic liberalism would create greedy, antisocial people? |
People will seek to help others because they can increase their own profits |
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Which belief is not found in Scripture? |
Employers should give all their profits to their workers |
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What term means a "public declaration of one's political or social beliefs and intentions"? |
manifesto |
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What ideal economic system requires no government because everyone voluntarily gives his labor for the benefit of the society |
communism |
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What economic system gives the government control of all of a nation's resources and economic decisions |
centralized socialism |
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In what type of economic system does a central authority , a committee, or the people in common control the economoy |
socialism |
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What capitalist belief is not found in Scripture |
greed is a necessary motive for productivity |
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According to Karl Marx, who would eventually disband the centralized authority over a pure socialist economy |
the centralizes authority itself |
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Why do classic-liberal capitalists believe that the government needs to supply public goods |
private businesses are not interested in producing public goods because they cannot make a profit |
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What is one similarity between radical capitalism and communism |
they see no need for government |
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What factor make communism impossible |
depravity of mankind |
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What economic sytem was the necessary stepping stone to communism |
centralized socialism |
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What economic system is currently practiced in the USA? |
state capitalism |
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Economic system based in Laissez faire ideas |
classic-liberal capitalism |
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In what area does worker-management socialism differ the most from centralized socalism |
the decision making process |
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In reality, which economic system gives the market the greatest freedom |
classic-liberal capitalism |
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Define radical capitalism |
:) |
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According to classic-liberal capitalism, what is one responsibility of government |
to provide public goods |
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According to Karl Marx, which word best describes the normal condition of the worker ina capitalist system |
enslaved |
