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;
14 Cards in this Set
- Front
- Back
|
type of economy in which private citizens own the factors of production
|
team Market company
|
|
|
type of economy in which the government owns the factor of production
|
command economy
|
|
|
person who wrote wealth of nations
|
adam smith
|
|
|
person who wrote the communist of manifesto
|
karl marx
|
|
|
economic system used by most of tye modern world
|
mixed
|
|
|
where supple and demand meet on graph
|
equilibrium
|
|
|
give example of the 4 factors of production
|
labor =walmart
capitol = car (to go places) land = fish entrepreneurship = business owner |
|
|
the study of how people make choices in a world od scarcity
|
economics
|
|
|
court case : the government's can suspend constitutional rights during war
|
korematsu v U.S
|
|
|
people from similar industries organized to protect their rights
|
labor union
|
|
|
3 things needed to create demand
|
willingness, desire, & ability
|
|
|
Market imperfection in which demand is greater than demand
|
surplus
|
|
|
market imperfection in which demand is greater than supply
|
shortage
|
|
|
court case : you have to be made aware of your constitutional rights when being arrested
|
Miranda v u.s
|
