E1
When Western European governments decided to sell their nationalized businesses back to private stockholders this is called?
Privatization
This relies more on humans than it does on real capital.
Labor intensive
________ __________ maintains that the national government should be both the central owner and the decision maker in all economic affairs of the state.
Centralized socialism
_____ insurance pays for property damages and bodily injury.
Liability
This arose from the writings of Adam Smith.
Classic liberal capitalism.
_______ is socialism in its most extreme form.
Communism
This uses more automated equipment than labor.
Capital intensive
A _______ is bound to his creditor
Debtor
Many modern economies operate under a variation of this.
State capitalism
________ ________ is extreme and only exist in theory.
Radical capitalism
A nation's business firms increase their production of goods and services by using their existing factors of production with greater efficiency
Intensive growth
This maintains that each person in a nation has a right to a part of the nation's wealth.
Egalitarian fairness
The excess of unsold products are called?
Surplus
Peanut butter and jelly are examples of __________ _________
Complementary goods
_________ means to let alone.
Laissez faire
When government tolerates individual ownership of smaller, nonessential businesses but highly regulates them.
Nationalization
______ argues that the only economic right to which a nation should entitle its citizens is the right to own and use property free of governmental interference.
Libertarian fairness
The amount of goods and services a business firm are willing and able to provide different prices for.
Households may use these in place of other goods.
Substitute goods
This encouraged the colonization of new territories to acquire new supplies.
Colonization
__________ ________ is transitional economic system bridging the gap between capitalism and socialism.
Social democracy
If a borrower fails to pay the loan may go into _____
Default
This prevents a firm from continuing a deceptive practice.
Cease and desist order.
_____ ______ benefit all or nearly all of a nations people.
Public goods
_________ promoted the acquisition of precious metals, not as the means to an end but as the end itself.
Mercantilism