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Economics Chapter 2
42 cards·by jttibbs1
The way a society answers the three questions defines its...
economic system
a traditional system relies on...
habit
What countries are traditional systems found in?
third world
Cite an example of a traditional system
mbuti
work in traditional systems is divided along...
gender lines
traditional has little room for
innovation
instead of money, traditionals may...
barter
define laissez-faire
let it be
chief characteristic of free market
freedom
pure market means
no government
founder of capitalism
adam smith
adam smith wrote
the wealth of nations
adam smith was from
scotland
adam smith lived in
the 18th century
what powers the invisible hand
self interest and competition
command is also known as
centrally planned
command is run by
government
father of communism
karl marx
karl marx wrote
communist manifesto
karl marx was from
germany
karl marx lived during the
19th century
capitalism blank the worker
hurts
what recieved top priority of stalin
heavy industry
what economic system is the US
mixed
marx wrote of two types of people...
proletariat and bourgeoisie
two types of ownership in mixed economy...
private and public
marx was assisted by
friederich engel
mixed is a combination of
free market and command
mixed is run by
government and people
ruler of the soviet union from 1922-1953
joseph stalin
the former soviet union had what economy
command
kim il sung's north korea was a
command economy
under command, the government owns
factors of production
how much control does the governmet have in socialism
some
dictators are
authoritarian
what party formed because of marx
communist
which is tougher? Socialism or communism?
communism
does communism have a high standard of living?
no
do command economies have shortage
yes
consumer soverignty means
consumers is in charge
name a disadvantage of free market
no safety net
traditional economies rely heavily on the
weather