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;
24 Cards in this Set
- Front
- Back
|
KAPITALISME VRYE MARK MARK EKONOMIE MARKET ECONOMY: Main Characteristics |
There is private ownership of the factors of production. Freedom of choice |
|
|
MARKET ECONOMY: Markets |
Free Competition |
|
|
MARKET ECONOMY: Driving Forces |
Profit and reward are achieved according to individual ability |
|
|
MARKET ECONOMY: Management |
Private businesses create management environment. Managers are free to make decisions. People are free to choose their careers |
|
|
MARKET ECONOMY: Labour |
Workers are independent and are free to choose their jobs and employer. Workers are free to join unions and strike. |
|
|
MARKET ECONOMY: Consumers |
There is freedom of choice in the free market. Spending is only limited to income. |
|
|
MARKET ECONOMY: Advantages |
Private initiative occurs. There is economic freedom. |
|
|
MARKET ECONOMY: Disadvantages |
The environment is unstable. Cyclical fluctuations occur. There are high social costs. |
|
|
SOCIALISM: Main Characteristics |
Basic industries are owned by the state. There is freedom of choice. |
|
|
SOCIALISM: Markets |
Limited competition exist as a result of state industries. |
|
|
SOCIALISM: Driving Forces |
The profit motive is recognised. Employees pay in state owned concerns is based on workers needs. |
|
|
SOCIALISM: Management |
The management environment comprises state owned as well as private businesses. Decisions are restricted to government policy in state owned organisations. |
|
|
SOCIALISM: Labour |
Workers are free to choose their jobs and employers. There is limited right to strike in state organisations. |
|
|
SOCIALISM: Consumers |
There is freedom in choice, except in respect of the products of state owned organisations, the prices and quality of which have to be accepted. |
|
|
SOCIALISM: Advantages |
There is possibility of full employment. The state stabilises economic fluctuations. |
|
|
SOCIALISM: Disadvantages |
There is little incentive in state owned organisations. State organisations can be unproductive. |
|
|
BEVELS EKONOMIE KOMMUNISME COMMAND ECONOMY: Main Characteristics |
The state owns and controls all industries and agriculture. |
|
|
COMMAND ECONOMY: Markets |
No competition exists. |
|
|
COMMAND ECONOMY: Driving Forces |
Profit is not allowed. Workers are urged to work for the glory of the state. |
|
|
COMMAND ECONOMY: Management |
The state creates the management environment. There is no freedom in making decisions. Managers are also party members. |
|
|
COMMAND ECONOMY: Labour |
There is a limited choice of jobs. Unions are controlled by the state. |
|
|
COMMAND ECONOMY: Consumers |
Rationing of products occurs. There is very limited choice. Price of products and income levels are set by state. |
|
|
COMMAND ECONOMY: Advantages |
The state can concentrate resources towards a particular end. |
|
|
COMMAND ECONOMY: Disadvantages |
There is low productivity. There is low standard of living. Planning is difficult or impossible. |
