What is another name for Free Enterprise or the Market system
100
Wrote the Communist Manifesto and Das Kapital
Who is Karl Marx
100
authoritarian or revolutionary socialism
What do detractors call communism?
100
Formerly called "third world nations.
What is are DEVELOPING NATIONS?
200
mercantilism
What is concept that wealth is the accumulation of gold and precious metals?
200
consumer sovereignty
What is when the consumer is free to choose which products they will choose and which they will not
200
Labor Theory of Value
What is the view that the value of labor is the difference between what a good sells for and the cost of the materials and machines to produce that good?
200
Democratic Socialism
What is a socialist economy where the leaders are elected?
200
International Monetary Fund and World Bank
What organizations are set up to provide developing nations with loans and financial support to grow their economies?
300
Competition
What is the invisible hand?
300
roads, schools, airports, parks
What is a public or collective good?
300
According the Marx, the "haves" and the "have nots"
What is the bourgeoisie and the proletariat
300
Very High Taxes
What is the major reason why democratic socialist countries can't compete globally?
300
With resources and those without
What are the two categories of developing nations?
400
Absolute Advantage
What is the situation when one person has a skill that is more productive than another person's?
400
private ownership
What give a person the exclusive right to use a good or service?
400
Mao Zedong's contribution
What is the idea that a revolutions could be brought about by peasants in an agrarian or farming culture
400
Vladimir Lenin
Who said any crisis could open the door to communism? Or Who led the Russian revolution which overthrew the government?
400
WTO
What is an organization that promotes Free Trade?
500
Comparative advantage
What is when you produce a good more efficiently than the opportunity cost of the other person
500
the governments role in capitalism
What is: Providing for public good, and collective goods and services
500
Oligopoly
What is the domination of a market by very few firms?
500
Welfare State
What is redistribution of wealth and income based on need OR a government which spends a great deal of money eliminating poverty and improving it's citizens lives?
500
Three groups of leading industrial nations with 8, 20 and 30 member nations
What is G8, G20 and OECD Organisation for Economic Cooperation and Development?