Karl Marx
Marx is known as the father of what?
communism
In truth, all economies of the world are ______.
Mixed
This economic system is based on customs, family, language, history, or religion.
Traditional
A legally binding agreement which is written or oral.
contract
Smith is known to as the father of what?
capitalism
Marx believed that citizens should live in a moneyless and ____less society.
classless
The circular flow model compares which two groups?
households or consumers
and
firms, companies, producers
This economic system is based simply on the interaction of buyers and sellers.
Market or pure capitalist
"Guns or butter" refer to _________ or _________ products.
military or domestic
Smith believed that the economy should be run by whom?
the public, private property, consumer/suppliers, competion
What nationality was Karl Marx?
German
Name the Three Economic Questions that must be answered to have an economy.
What to make?
How to make it?
Who is it for?
A command economy means that economic decisions are made by whom?
the government, state
Anything that influences a choice or decision.
incentive
This French phrase means "hands off" meaning no government involvement in the economy.
Laizzez Faire
What is the name of the book that Marx wrote with Friedrich Engels which was the blueprint for communism?
The Communist Manifesto
The total unpaid borrowings of a country.
national debt
!!!Daily Double!!!
In a centrally planned economy, the incentive to work is very ________.
This is the total amount of all goods and services produced in a country in one year.
Gross Domestic Product or
Gross National Product
This phrase is defined as the power of consumers to determine prices and trends.
The Invisible Hand
!!!Daily Double!!!
What Russian leader was the first to institute Marxist ideals on a large scale.
Keynes believed that who should provide the "fine-tuning" in an economy?
the government, state
In order for a socialist economy to function efficiently, the government must have little to no what?
corruption
Freedom of _________ means that an individual is free to start a business.
enterprise
What is the name of Smith's famous book?
Wealth of Nations