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Flashcards in Chapter Test Deck (14):
1

Supplies used to produce goods

Capital goods

2

Relies more on equipment than workers

Capital intensive

3

Requires more workers than equipment

Labor intensive

4

Based on individuals productivity

Libertarian fairness

5

Based on individuals equality

Egalitarian fairness

6

Written by Karl Marx

Communist manifesto

7

4 economic goals

Low unemployment rate, stable prices, healthy rate of economic growth, fair distribution of income

8

Decides what it will produce

Command economy

9

When you want to work but can’t find a job

Unemployment

10

Same as libertarian concept

Economic Darwinism

11

When you have more resources

Extensive growth

12

Use your own resources

Intensive growth

13

Policy of equal distribution of a nation’s income

Economic leveling

14

Produce what you will to produce

Market economy