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Universities » Kennesaw State University (KSU) » ECON » 1100 - Global Economics » Flash Cards

Chapter 7 - Flashcards

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Class:ECON 1100 - Global Economics
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University:Kennesaw State University
Term:Fall 2011
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Economic System The organizations and methods used to determine what goods and services are produced, how they are produced, and for whom they are produced.  The 3 basic types are: traditional, command, and market
Traditional Economy A system that answers the What, How, and For Whom questions the way they always have been answered. People in this society believe that what was good yesterday, and years ago, must still be a good idea today. (Ex: King and Queen of England)
Command Economy A system that answers the What, How, and For Whom questions by central authority. A dictator or group of central planners makes economic decisions for society. (Ex: Soviet Union-in the past / Cuba-in the present)
Market Economy An economic system that answers the What, How, and For Whom questions using the prices determined by the interaction of the forces of supply and demand. Answers the WHAT to produce, & HOW to produce questions very effectively
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Adam Smith Father of modern economics, author of The Wealth of Nations.
Mercantilism Mercantilism is the economic doctrine in which government control of foreign trade is of paramount importance for ensuring the prosperity and military security of the state.
Invisible Hand A phrase that expresses the belief that the best interests of a society are served when individual consumers and producers compete to achieve their own private interests.
Mixed Economy An economic system that answers the What, How, and For Whom questions through a mixture of traditional, command, and market systems. (No nation is a pure traditional, command, or market economy)
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Capitalism An economic system characterized by private ownership of resources and markets. (free enterprise system). MUST HAVE: 1) Private ownership of resources, 2) decentralized decision making using markets.
Consumer Sovereignty The freedom of consumers to cast their dollar votes to buy, or not to buy, at prices determined in competitive markets.
Karl Marx Rejected the concept of a society operating through private interest and profit.  The theory of socialism and communism can be traced back to him. Author of Communist Manifesto and Das Capital.
Communism A stateless, classless economic system in which all the factors of production are owned by the workers, and people share in production according to their needs.  (In Marx’s view, this is the highest form of socialism toward which the revolution should strive).
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Socialism An economic system characterized by government ownership of resources and centralized decision making. (Command Socialism).  Characterized by: 1) Public ownership, 2) Centralized decision making.
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 Economic SystemThe organizations and methods used to determine what goods and services are produced, how they are produced, and for whom they are produced.  The 3 basic types are: traditional, command, and market
 Traditional EconomyA system that answers the What, How, and For Whom questions the way they always have been answered. People in this society believe that what was good yesterday, and years ago, must still be a good idea today. (Ex: King and Queen of England)
 Command EconomyA system that answers the What, How, and For Whom questions by central authority. A dictator or group of central planners makes economic decisions for society. (Ex: Soviet Union-in the past / Cuba-in the present)
 Market EconomyAn economic system that answers the What, How, and For Whom questions using the prices determined by the interaction of the forces of supply and demand. Answers the WHAT to produce, & HOW to produce questions very effectively
 Adam SmithFather of modern economics, author of The Wealth of Nations.
 MercantilismMercantilism is the economic doctrine in which government control of foreign trade is of paramount importance for ensuring the prosperity and military security of the state.
 Invisible HandA phrase that expresses the belief that the best interests of a society are served when individual consumers and producers compete to achieve their own private interests.
 Mixed EconomyAn economic system that answers the What, How, and For Whom questions through a mixture of traditional, command, and market systems. (No nation is a pure traditional, command, or market economy)
 CapitalismAn economic system characterized by private ownership of resources and markets. (free enterprise system). MUST HAVE: 1) Private ownership of resources, 2) decentralized decision making using markets.
 Consumer SovereigntyThe freedom of consumers to cast their dollar votes to buy, or not to buy, at prices determined in competitive markets.
 Karl MarxRejected the concept of a society operating through private interest and profit.  The theory of socialism and communism can be traced back to him. Author of Communist Manifesto and Das Capital.
 CommunismA stateless, classless economic system in which all the factors of production are owned by the workers, and people share in production according to their needs.  (In Marx’s view, this is the highest form of socialism toward which the revolution should strive).
 SocialismAn economic system characterized by government ownership of resources and centralized decision making. (Command Socialism).  Characterized by: 1) Public ownership, 2) Centralized decision making.
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