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Questions and Answers
An economic ideology focuses on creating accurate explanatory models to describe how an economy currently functions.
False
The theory of economic ideology does not explain its occurrence, evolution, and relation to an economy.
False
A capitalist economy is a country's economic structure where public sector owns all entrepreneurship, resources, trade, and ownership.
False
Big corporations like Apple, Microsoft, and Google are owned by public sector entities in the US.
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Economic ideology is closely related to the economic system it supports, such as capitalism.
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Communism promotes public ownership of major means of production and natural resources in a society.
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The Soviet Union and China were both examples of capitalism in the late 20th century.
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Sustainable development prioritizes meeting the needs of future generations over the present generation.
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Economic growth is solely measured by the growth rate of the gross domestic product (GDP).
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Economic development only focuses on improving living standards and social well-being.
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Study Notes
Economic Ideology
- An economic ideology is a set of views on how the economy should run, differing from economic theory in being normative rather than explanatory.
- It takes a specific and detailed economic standpoint, distinct from an economic system it supports.
Economic Systems
- Capitalism is an economic system where private actors own and control property, and demand and supply freely set prices in markets.
- A capitalist economy is a country's economic structure where private individuals and businesses own all entrepreneurship, resources, trade, and ownership.
- Communism is a political and economic doctrine that aims to replace private property and a profit-based economy with public ownership and communal control of the means of production.
Sustainable Development
- Sustainable development is a development approach that aims to meet the needs of the present generation without compromising the ability of future generations to meet their own needs.
- It involves balancing social, economic, and environmental aspects of development to ensure long-term well-being.
Economic Growth and Development
- Economic growth refers to an increase in the production of goods and services in an economy over time, often measured by the growth rate of the gross domestic product (GDP).
- Economic growth is associated with higher living standards, improved tax revenues, and the creation of new jobs.
- Economic development refers to the process of improving living standards, health, education, and social well-being, going beyond economic growth to encompass broader aspects of societal progress.
Economics
- Economics is a social science that deals with human wants and their satisfaction.
- It is related to other social sciences like sociology, politics, history, ethics, jurisprudence, and psychology.
- Economics is closely related to politics, sociology, and ethics, with connections to psychology, and influences other sciences with its concepts.
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Description
Test your knowledge on economic ideologies and how they form the basis of beliefs on how economies should be run. Learn about the difference between economic ideologies and economic theories, and how to differentiate between the two.
