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Terms in this set (40)traditional economy economic system in which the allocation of resources, and other economic activity, is the result of ritual, habit, or custom economic systems organized way a society provides for the wants and needs of its people command economy economic system characterized by a central authority that makes most of the major economic decisions socialism economic system which government owns some factors of production and has a role in determining what and how goods are produced market meeting place or arrangement through which buyers and sellers interact to determine price and quantity of an economic product; may be local, regional, national, or global market economy economic system in which supply, demand, and the price system help people allocate resources and make the WHAT, HOW, and FOR WHOM to produce decisions; same as free enterprise economy capitalism economic system in which private citizens own and use the factors of production in order to generate profits stagnation lack of movement emphasizing stressing mixed economies
economic system that has some combination of traditional, command, and market economies Great Depression worst period of economic decline in U.S. history, lasting from approximately 1929 to 1939 communism economic and political system in which factors of production are collectively owned and directed by state; a theoretically classless society in which everyone works for the common good allocation distribution GDP per capita gross domestic product on a per person basis privatization conversion of state-owned factories and other property to private ownership vouchers certificates that could be used to purchase government-owned property during privatization Five-Year Plan comprehensive, centralized economic plan used by the Soviet Union and China to coordinate development of agriculture and industry Gosplan central planning authority in the former Soviet Union that devised and directed Five-Year Plans collectivization forced common ownership of factors of production; used in the former Soviet Union in agriculture and manufacturing perestroika fundamental restructuring of the Soviet economy; policy introduced by Mikhail Gorbachev in 1985 Great Leap Forward China's second Five-Year Plan, begun in 1958, which forced collectivization of agriculture and rapid industrialization isolationism national policy of avoiding international alliances and economic interactions nationalization shift of an economy, or part of an economy, from private ownership to government ownership Solidarity independent Polish labor union founded in 1980 by Lech Walesa European Union (EU) successor of the European Coal and Steel Community established in 1993 by the Maastricht Treaty black market market in which goods and services are sold illegally keiretsu independently owned group of Japanese firms joined and governed by an external board of directors in order to regulate competition population density number of people per square mile of land area What is the difference between socialism and capitalism? Socialism is an economic and political system in which the government owns some of the factors of production. In a capitalist economy, private citizens own and use the factors of production in order to generate profits. The key lies within who owns and uses the factors of production. What are advantages and disadvantages of a mixed market? Advantages include economic growth and social programs that all people can benefit from. A major disadvantage is that socialist programs are not free and must be paid for. This can either be done through high personal income taxes or lower production of some goods and services. What are the major differences between command and market economies? In command economies, a central authority or government makes most decisions, there are limited private property rights, but basic goods and services are affordable. In market economies, citizens make most decisions, there are expanded private property rights, and limited government interference. What three economic systems combine to form a mixed economy? Traditional, command, and market economies What major U.S. economic event illustrates the unfortunate costs of a capitalist economy such as instability, unemployment, and social unrest? the Great Depression What was social scientist Karl Marx's idea about history? Marx viewed all of history as a class struggle between workers and property owners. He believed this struggle would lead to alternating periods of depression and prosperity. According to Karl Marx's idea of communism, are there any true communist economies where all people contribute according to his or her abilities, and consume according to his or her needs? No. There are none in the world today, and there has never been in the past. Why has the transition to a mixed economy been difficult for Soviet Union/Russia? 1. The transition has been difficult for workers to adjust to the ideas of initiative and incentives, who were used to filling quotas in a system that did not encourage or reward hard work or creativity. 2. Russia has to develop mechanisms to deal with the costs of capitalism such as instability, unemployment, and social unrest. 3. The ruling powers were unwilling to relinquish power. However, today, Russia has a mixed economy with some free-market activity and some industries still under government control. What is the reason so many other countries are trying to make the transition to a capitalist economy? Many countries have had successful capitalistic economic societies. What are some countries and regions that are currently transitioning to a capitalist economy? Russia, China, Latin America, and Eastern Europe. Under President Vladimir Putin, Russia has completed the transition to capitalism. What are some countries that have capitalist economies? Japan, South Korea, Singapore, and Sweden What is the main difference between command and socialist economies? In command economies, the government owns most of the factors of production (more resources are owned). In socialist economies, the government owns some, but not all, of the factors of production (fewer resources are owned). 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economics A recent report in USA Today indicated a typical family of four spends $490 per month on food. Assume the distribution of food expenditures for a family of four follows the normal distribution, with a mean of$490 and a standard deviation of $90. a. What percent of the families spend more than$30 but less than $490 per month on food? b. What percent of the families spend less than$430 per month on food? c. What percent spend between $430 and$600 per month on food? d. What percent spend between $500 and$600 per month on food? Verified answer
algebra Find principal to the nearest cent, rate to the nearest tenth of a percent, or time to the nearest day. Jessica Hernandez borrowed $45,000 so that she could meet payroll for the quarter. She agreed to pay interest of$1881.25 in 140 days. Find the rate. Verified answer algebra Find the value of each expression. $$ 12^2 $$ Verified answer
question In terms of the assumptions required for using ANOVA, what is the special relevance of the value calculated for the error mean square, MSE? Verified answer Recommended textbook solutionsAmerican Government1st EditionGlen Krutz 412 solutions Politics in States and Communities15th EditionSusan A. MacManus, Thomas R. Dye 177 solutions Criminal Justice in America9th EditionChristina Dejong, Christopher E. Smith, George F Cole 105 solutions
Politics in States and Communities15th EditionSusan A. MacManus, Thomas R. Dye 177 solutions Other Quizlet setsChapter 925 terms quynhh_lai Respiratory DIT 10G-M81 terms ebroomell Topic 3- Transport in Humans14 terms Tom_NGUYEN1 Which economic system has a central authority makes all of the economic decisions?Centrally planned economy: (aka command economy) Government decides everything. Example: communism. Mixed economy: Market-based economy where government plays a limited role.
What economic system has a central authority?The command economy, also known as a planned economy, requires that a nation's central government own and control the means of production.
What economic system makes all the decisions?The Command Economy
In a command economy, the government planning groups make the basic economic decisions. The government determines which goods and services are to be produced, the prices and the wage rate. The government, not the people, own farms and businesses.
What is the type of economy where economic decisions are made by both a central authority and producers and consumers?A market economy is an economic system in which economic decisions and the pricing of goods and services are guided by the interactions of a country's individual citizens and businesses.
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Which economic system has a central authority makes all of the economic decisions quizlet?
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