Vocab
Way in which a nation uses its resources to satisfy it's peoples needs and wants?
economic system
Amount earned after a business subtracts its cost from revenues?
Profit
Term Marx used for the working class?
proletariat
System in which the government controls the factors of production and makes all decisions about their use?
Command Economy
Published: An inquiry into the nature and causes of wealth of Nations?
Adam Smith
The French term means "let people do as they choose."
Laissez-faire
Rivalry among producers or sellers of similar goods and services tow win more business?
competition
An economic system in which there is little private property and the states owns virtually all the factors of production?
socialism
System in which economic decisions are based on customs and beliefs that have been handed down from generation to generation?
Traditional
Author of: System of Logic (1843), Principles of Political Economy (1848), On Liberty (1859), Utilitarianism (1861) and The subjection of Women (1869)?
- English Philosopher and Radical Reformer
John Stuart Mill
Economic model that pictures income as flowing continuously between businesses and consumers?
circular flow of income and output
Whatever is owned by individuals rather than by the government?
Private property
The three basic questions all national economies ask?
What, How, and For Whom something should be produced.
*** DAILY DOUBLE***
The opposite of a pure command economy?
market economy, capitalism
Wrote a communist manifesto in 1848
Karl Marx
Wise use of available resources so as to obtain the greatest benefits possible?
economic efficiency
The attempt to balance an economic policy so that everyone benefits fairly?
economic equity
Term Marx used to describe the elite class?
Bourgeois
System in which the individuals own the factors of production and make economic decisions through free interaction while looking out for their own and their families' best interests?
Market economy
Name the 6 goals of the American Economic System?
Freedom, efficiency, equity, security, stability, and growth
System that works within the constitutional framework of a nation to elect socialists to office; the government usually controls only some areas of the economy?
democratic socialism
The material well-being of an individual group or nation measured by how well their necessities and luxuries are satisfied?
Standard of Living
System that supports revolution as a means to overthrow capitalism and bring about socialist goals; the entire economy is controlled by a central government?
authoritarian socialism
One example of this economy is found right here in the United States. It combines private ownership of property and individual decision making with government intervention and regulations?
Mixed
This author believed that when capitalists sold a good and kept they profit, they were taking income that rightly belonged to the people who were actually doing the work?
Marx