There are this many variations of the basic model of capitalism
What is six
100
_______ are taken care of in a socialist system
What is basic needs (food, shelter, medicine, clothing and education)
100
A firm whose stock is publicly sold and held is known as this
What is publicly traded
100
_______ proposed socialism is the stage that follows capitalism
Who is Karl Marx
100
This type of justice includes the social allocation of benefits and burdens
What is distributive justice
200
Accumulation of industrial capital, private ownership of the means of the production and free market are three features that make up _______
What is classical capitalism
200
This socialist system existed with totalitarianism, or total authority over society
What is the Soviet System
200
A free-market is not controlled by either _______ or any small group
What is government
200
Adam Smith developed a concept called the ________, which assumes the mechanism of the market will act as a corrective when competing enterprises do not act morally
What is the "invisible hand"
200
This principle state the government should protect the worker from injustice and exploitation
What is the general principle of capitalism
300
American Libertarians favor this type of capitalism
What is laissez-faire capitalsim
300
This is the reward of socialism
What is the equality of outcome
300
This involves the possibility to any who choose to enter the market structure as a buyer or seller
What is free competition?
300
Laidlaw v. Organ, a decision written in 1817 by Chief Justice John Marshall, is the first U.S. Supreme Court case which imposed the rule of "let the buyer beware" also known as _______
What is caveat emptor
300
In 1949, this country followed the agricultural socialist model
What is China
400
Capitalism developed after this revolution
What is the industrial revolution
400
Socialism is characterized by these three features
What is an industrial base, social ownership of production and centralized planning
400
A free market government does not control these three aspects
What is price of goods, wages or production
400
_______ suggested people choose principles of justice behind the "veil of ignorance"
Who is John Rawls
400
This evaluation of economic systems involves looking at what hte system as a whole does to the people affected by it
What is an end-state approach
500
These four factors are the main downfalls of capitalism
What is exploiting workers, producing false wants, waste, and allowing inequality
500
These four factors are the main downfalls of socialism
What is the absence of complete equality, the difficulties of fairly allocating resources/markets, and lower productivity overall
500
These are the two virtues valued by free-markets
What are fairness and freedom
500
Economic systems are usually studied with a disregard to people, even though all economic systems are a way in which people are related; making economic systems _______ _______
What is morally neutral
500
This economic system evaluation involves looking at the basic structures and practices of a system