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18 Cards in this Set
- Front
- Back
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3 economic systems |
Tradition-bases societies, Command Economy, Market Economy |
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Traditon-Based economies |
Small, rely on communal roles and customs, approval/disapproval, Community ownership:traditional roles for each family member |
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Command Economy |
Authority makes economic decisions, prices set by rules, land/factories owned by authority |
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Market Economy |
Private individuals make economic decisions, own and control land and factories Rational self-interest, profit motive, prices set by market |
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Locke's ideas |
Adding labor to things makes it my property, money to decrease surplus |
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Adam Smith |
Division of labor, Invisible hand of the market place |
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David Ricardo |
Comparative Advantage |
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Thomas Friedman |
Globalization 1,2,3 |
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Globalization 1.0 |
Countries globalizing |
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Globalization 2.0 |
Companies globalizing |
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Globalization 3.0 |
Individuals and small groups globalizing |
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Prahalad |
BOP |
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4 A's |
Awareness, Access, Availability, and Affordable |
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Innovation Sandbox |
Innovation with constraints and bounds |
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Ian Maitland |
3 appropriate wage or labor standards in international sweatshops |
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3 appropriate wage or labor standards in international sweatshops |
1. Home country standards 2. Living wage standards 3. Classical liberal standards (free market response) |
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Market |
forum where people come together for the purpose of exchanging ownership of goods and money
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7 characteristics of free markets |
1. Numerous buyers/sellers 2. All buyers/sellers can freely enter or leave market 3. Every B/S has full knowledge of price, quantity, etc of others 4. Goods are similar that you can buy them form everyone 5. The costs are benefits are borne entirely by the sellers 6. Everyone in the market is a utility maximizer 7. No external parties regulate the price |
