Economics Chapter 2 Flashcards

Term used to describe how a nation is organized for production.

Simplified pictures of reality.

<p>True</p> Signup and view all the answers

<p>One in which people's economic roles are the same as those of their parents and grandparents.</p> Signup and view all the answers

<p>Small agricultural villages in parts of South America, Asia, and Africa.</p> Signup and view all the answers

<p>Economic decisions are the result of individual decisions by buyers and sellers in the marketplace.</p> Signup and view all the answers

<p>Free enterprise systems.</p> Signup and view all the answers

<p>The means of production are privately owned.</p> Signup and view all the answers

<p>90% market economy and 10% command economy.</p> Signup and view all the answers

<p>Other businesses selling the same items or services.</p> Signup and view all the answers

<p>Success depends on demand by consumers for the goods.</p> Signup and view all the answers

<p>The main decision maker is government; means of production owned by government.</p> Signup and view all the answers

<p>Decides what goods &amp; services are to be produced, owns places where production takes place, sells goods and services, and decides how talents &amp; skills of workers will be used.</p> Signup and view all the answers

<p>Cuba, Vietnam, former Soviet Union, China.</p> Signup and view all the answers

<p>Everyone has talents and skills that are contributed equally; everyone receives benefits equally.</p> Signup and view all the answers

<p>You'll have access to more goods &amp; services because you have higher status.</p> Signup and view all the answers

<ol> <li>They must answer 4 questions 2) They have to deal with the scarcity of economic resources 3) They have mixed economies.</li> </ol> Signup and view all the answers

<ol> <li>What goods &amp; services should be produced 2) How should goods and services be produced 3) Who will receive the goods &amp; services that are produced 4) Who owns the means of production in economic systems.</li> </ol> Signup and view all the answers

<p>differently</p> Signup and view all the answers

<p>Habit or custom decides what will be produced, same as grandparents and parents.</p> Signup and view all the answers

<p>Decided by individuals or companies seeking opportunities for profit.</p> Signup and view all the answers

<p>What question decided by government.</p> Signup and view all the answers

<p>Made using the same procedures as in the past, same as parents and grandparents.</p> Signup and view all the answers

<p>Factory owner will decide how the product will be produced.</p> Signup and view all the answers

<p>Decided by government.</p> Signup and view all the answers

<p>Family group and tribal/feudal chiefs.</p> Signup and view all the answers

<p>Consumers who can buy them.</p> Signup and view all the answers

<p>Government decides.</p> Signup and view all the answers

<p>Families.</p> Signup and view all the answers

<p>Individuals/companies.</p> Signup and view all the answers

<p>Government.</p> Signup and view all the answers

<p>With some free enterprise and some government ownership.</p> Signup and view all the answers

<p>Private ownership of means of production; decisions by consumers and businesses determine economic activity.</p> Signup and view all the answers

<p>Public and private ownership of means of production; decisions by consumers and businesses and by government determine economic activity.</p> Signup and view all the answers

<p>Public ownership of means of production; decisions by government determine economic activity.</p> Signup and view all the answers

<p>Communist Manifesto.</p> Signup and view all the answers

<p>Claimed class struggle always existed between ruling class and lower classes.</p> Signup and view all the answers

<p>Roman Catholic Church &amp; nobility.</p> Signup and view all the answers

<p>Peasants and middle class.</p> Signup and view all the answers

<p>Said that the middle class was exploiting those who worked for wages.</p> Signup and view all the answers

<p>Taking advantage of.</p> Signup and view all the answers

<p>Proletariat.</p> Signup and view all the answers

<p>Workers.</p> Signup and view all the answers

<p>Discontent among the working class would establish capitalism and establish communism; also that a Communist state would start out as a dictatorship to build Communist society and to fight off its capitalist neighbors.</p> Signup and view all the answers

<p>Classless society.</p> Signup and view all the answers

<p>A class struggle and no need for government.</p> Signup and view all the answers

<p>Predicted that eventually workers in every country would overthrow their capitalist ruling class, and that all nations would become Communist; that dictatorship would eventually occur.</p> Signup and view all the answers

<p>Two revolutions took place in Russia.</p> Signup and view all the answers

<p>Russian Communist party under V.I. Lenin seized control.</p> Signup and view all the answers

<p>Communist state, Soviet Union.</p> Signup and view all the answers

<p>Joseph Stalin.</p> Signup and view all the answers

<p>He found himself at the head of an industrially backward nation and attempted to modernize the Soviet economy as fast as possible.</p> Signup and view all the answers

<p>5-year plans.</p> Signup and view all the answers

<p>Set production goals and tried to assign resources necessary to achieve those goals; plan provided for materials and facilities needed to meet goals.</p> Signup and view all the answers

<p>Targets.</p> Signup and view all the answers