economics chapter 2-1
solidarity
Independent polish labor union founded in 1980 by lech walesa
Keiretsu
Independently owned group of Japanese business firms united to regulate competition
disadvantage of a market economy
It sustains a high degree of uncertainty
Sweden moved to a mixed economy in the 1980s because
Its citizens objected to the nations high rate of taxation
present day sweden
Its unemployment rate and GDP per capita are relatively high
main difference between Japanese capitalism and US capitalism
Japans government is highly involved in day-to-day business management
Perestroika
fundamental restructuring of the soviet economy, introduced by president Mikhail Gorbachev
GDP per capita
gross domestic product on a per person basis
In a _____________, questions of what, how, and for whom to produce are answered by buying and selling activity of individuals
market economy
command and socialist economies
offers uniformity in wages regardless of occupation or individual productivity
why people in a nation with command economy might resist a shift to a free market economy
people who hold power are threatened by systemic changes
what describes a move away from pure capitalism
economic reforms following the great depression in the united states
Traditional economy
The way in which the 19th century inuit divided the "spoils of the hunt" demonstrates the functioning of a
accurate statement of a mixed economy today
There are more mixed economies in the world than any other kind
Mixed economies can evolve when societies with different kinds of economics interact
True
Socialist economies include aspects of both command and free-enterprise systems
True
There is always some degree of government involvement in a mixed economy
True
capitalism from south Korea's economic growth in the late 20th century
capitalism can restore a damaged economy
Gosplan
central planning authority in the former soviet union
In a _____________, questions of what. how, and for whom to produce are answered by the government
command economy
Singapore
country that made a successful transition to capitalism
Socialism
Can be described as a more liberal version of a command economy
advantage of a traditional economy
Everyone knows exactly what their function is
Communist countries like north Korea and Cuba are examples of mixed economies
False
Mixed economies work to the degree that they embrace democray
False
Statement that describes a disadvantage of a command economy
Nothing stops the government from producing things that people don't need or want
"There's no such thing as a free lunch" in a socialist economy
Socialist economies tend to offer extensive government services by having high taxes
scarcity
Societies embrace various economic systems to deal with the fundamental problem of
statement that BEST describes the communist ideals
a classless society in which everyone works for the common good
who did Karl Marx believe would be the beneficiaries of socialism
workers