Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
21 Cards in this Set
- Front
- Back
|
factors of production
|
basic resources used to make all goods and services
|
|
|
capital
|
all human made resources that are used to produce goods and services
|
|
|
capitalist
|
someone who owns capital and puts it to productive use
|
|
|
entepreneur
|
an individual who will combine factors of production to produce goods of offer services
|
|
|
free enterprise system
|
capitalism
|
|
|
laws of supply and demand
|
when supplies are plentiful prices drop, when supplies are scarcer prices rise.
|
|
|
monopoly
|
a firm that is the only source of a product or service
|
|
|
trust
|
when several corporations of the same product or service combine to eliminate competition and regulate prices.
|
|
|
laissez faire therory
|
government should play a hands off role in society.
|
|
|
proletariat
|
the workers
|
|
|
bourgeoisie
|
the capatalists
|
|
|
welfare states
|
countries that provide extensive social services at little or no cost to the useres
|
|
|
market economy
|
capitalist economy
|
|
|
centrally planned exonomy
|
when bureaucrats plan how an economy will develop over a period of years.
|
|
|
communism
|
a collectivist ideology which calls for the collective or state ownership of land.
|
|
|
five year plan
|
a plan that shows how leaders want the economy to develop over the next five years.
|
|
|
collectivization
|
the merger of small private farms into large government owned agricultural enterprises
|
|
|
gosplan
|
a five year plan stalin introduced demanding higher production of steel, chemicals, and petroleum and more collectivization of agriculture.
|
|
|
privatization
|
returning of nationalized enterprises to privet ownership.
|
|
|
great leap forward
|
a drastic attempt to modernize china quickly
|
|
|
commune
|
collective farms brought together into a larger unit
|
