Economics in Gov't
Increase in the number of goods and services a nation can produce
What is economic growth?
The method a society uses to distribute its limited resources
What is an economic system?
The ideology promoting the mass acquisition of precious metals and maximizing exports
What is mercantilism?
Individual who takes on the risks of starting a business
What is an entrepreneur?
Business in which there is only one owner
What is a sole proprietorship?
Economy in which economic decisions are driven by supply and demand
What is a market economy?
This Scottish economist heavily criticized mercantilism.
Who was Adam Smith?
As you move towards this end of the economic spectrum, government interference decreases.
What is capitalist?
Business firm with more than one owner
What is a partnership?
Partial ownership of a corporation
What is stock?
Type of growth that occurs when a nation gains access to more land, labor, and capital
What is extensive growth?
What is socialist?
French phrase that loosely translates to "let them be." The phrase is often used to describe an economy without government interference.
What is laissez-faire?
A business that is a separate legal entity created and recognized by law
What is a corporation?
Person who has bought stock
What is a stockholder?
Economy in which the government primarily controls production
What is a command economy?
Economic and political system with no social classes, no economic classes, no government.
What is communism?
In this economic system, all factors of production are controlled by citizens alone. Anyone can get rich however they choose.
What is radical capitalism?
What is the board of directors?
Chief decision-maker of a corporation (CEO)
What is a chief executive officer?
Type of growth that occurs when a country gains the ability to use their land, labor, and capital more efficiently
What is intensive growth?
The government assuming control over companies at a mass scale
What is nationalization?
Most countries that call themselves "communist" are usually closer to this economic system type.
What is centralized socialism?
The group that a board of directors makes decisions to please
Who are the stockholders?
The appointers of a CEO
What is a board of directors?