chapter 2 economics

socialism

__ is a system in which government owns and controls some, but not all, productive resources

gosplan

central planning authority in the former Soviet Union

false

communist countries like North Korea and Cuba are examples of mixed economies

Perestroika

fundamental restructuring of the soviet economy introduced by president Mikhail Gorbachev

gap per capita

gross domestic product on a per person basis

socialism tends to give large government services with high tax

how is the saying theres no such thing as a free lunch illustrated in a socialist economy

market of free enterprise

in a __ economy questions of what, how, and for whom to produce are answered by what individuals buy and sell

command

in a ___ economy, production questions are answered by the government

solidarity

independent polish labor union founded by 1980 by lech Wales

keiretsu

independently owned group of Japanese business firms united to regulate competition

true

mixed economies can evolve when societies with different kinds of economies interact

false

mixed economies work to the degree that they embrace democracy

true

socialist economies include aspects of both command and free enterprise systems

Traditional

the way the 19th century Inuit divided the "spoils of the hunt" demonstrates a ____ economy

true

there is always some degree of government involvement in a mixed economy

capitalism can restore a damaged economy

what could be known about capitalism from south Koreas economic growth in the late 20 century

japans government is involved in day to day business management

what is the main difference between Japanese capitalism and capitalism in US

command and socialist economies

what kind of economy offers uniformity in wages regardless of individual productivity

people with political power are threatened by ideology changes

which answer describes people in a nation with a command economy resist shift to a market economy

singapore

which country is an example of a capitalist country

the nationalization of major industries in Chavez vanezuala

which of the following describes a move away from capitalism

it sustains a high degree of uncertainty

which of the following is a disadvantage of a market economy

everyone knows exactly what their function in

which of the following is an advantage of a traditional economy

there are more mixed economies in the world than any other kind

which of these is an accurate statement about mixed economies today

its unemployment rate and GDP per capita are relatively high

which of these statement apply to present day Sweden

a classless society in which everyone works for the common good

which statement best describes the communist ideal

nothing stops government from making basic needs and wants

which statement describes a disadvantage of a command economy

workers

who did Karl Marx believe would be the beneficiaries of socialism

its citizens objected to the nations high rate of taxation

why did Sweden move from socialism to a more mixed economy in the 1980

scarcity

Societies embrace various economic systems to deal with the fundamental problem of _________