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What Is Economics? > Communism > Flashcards

Communism Flashcards

1
Q

Sustainable Prosperity

A

Living a satisfying life, as an individual and member of community. In a way to be maintained into the future

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2
Q

Economics

A

Study of people and choices
Study of how people choose to use resources (resources= limited wants=unlimited)
Pertaining to the production distribution and use of income, wealth, and commodities

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3
Q

Globalization

A

An increased level of interconnectedness among the people of the world and their lives

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4
Q

Economic Globalization

A

The increasing interdependence of world economics as a result of the growing scale of cross border trade of commodities
Flow of international capital and rapid spread of tech

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5
Q

Economic choice

A

Scarcity or opportunity cost

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6
Q

Opportunity cost

A

Whatever you give up to do something

The value of the next best alternative when a decision is made; it’s what is given up

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7
Q

Scarcity

A

The tension between infinite wants and finite resources

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8
Q

Incentives

A

A set of external (rather than intrinsic) motivators that explain peoples choices

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9
Q

Macroeconomics

A

The study of production, employment, prices, and policies on a nationwide scale

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10
Q

Microeconomics

A

The study of how consumers, workers and firms interact to generate outcomes in specific markets

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11
Q

Choices you make determines?

A

Centrally planned, mixed it market economy

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12
Q

Centrally planned economy

A

Government makes all the decisions
Government produces essentials for citizens
Sacrifices growth,freedom and efficiency for security, equality and stability

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13
Q

Market economy

A

Supply and demand drive economic decisions
Entrepreneurs produce what the people want for the people who can afford it
Sacrifices equality, security and stability for growth, freedom and efficiency

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14
Q

Mixed economy

A

An economy organized with some free market elements and some socialistic elements
Government/entrepreneurs produce essentials/wants for citizens and people who can afford it

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15
Q

Economic questions

A

What will be produced?
Who produces it?
Who’s it produced for?

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16
Q

6 economic goals

A 
Economic growth
Efficiency 
Stability 
Security
Equality
Freedom
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17
Q

Economic growth

A

Create jobs, reduced poverty

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18
Q

Economic efficiency

A

Maximize output by careful use of resources

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19
Q

Economic stability

A

Prevent rapid price increases and decreases

20
Q

Economic security

A

Provide steady, suitable, and secure jobs for all

21
Q

Economic equality

A

Provide fair distribution of resources

22
Q

Economic freedom

A

Allow individual decisions on production, spending and jobs

23
Q

Is a centrally planned economy a communist or capitalism economy

A

Communism

24
Q

Is the market economy more capitalist or communist

A

Capitalist

25
Q

Where did capitalism come from

A

Feudalism to mercantilism to capitalism

26
Q

Feudalism

A

One class of people possess property rights to all valuable resources, including people

27
Q

Mercantilism

A

Wealth is power! More export and less import

28
Q

Capitalism

A

More economic freedom and less government intervention

29
Q

Who is Adam smith

A

Layed the foundation for capitalist theory, argues against mercantilism and gov control of the economy. Talked about how the invisible hand reflects the concept that each person by looking out for themselves help create the best outcome for all

30
Q

Stage 1: Hunter-Gatherer

A

Traditional economy
Family was largest social unit
Subsistence living
Very little socialization with other groups

31
Q

Stage 2: Nomadic

A

Traditional economy
Move around for resources required to live
Meet new groups and learn new ways of life
Beginning of new roles beyond hunting

32
Q

Stage 3: Agricultural

A

Traditional economy moving towards sophisticated modern economy
Agriculture and industrial revolution occur here
- enclosure movement
Factory system
Capitalism is very influential, becoming the dominant economic system
Division of labour and specialization occurs, with jobs such as carpenter and plow man

33
Q

Stage 4: industrial/commercial

A

Capitalism in full swing, many em areas becoming interrogated through trade
Class inequality exists- revolution needed to create equality
- proletariat vs bourgeoise
- work towards a workers paradise
Capitalism established the conditions in which the only way for the labourer to survive was by selling her labour power for a wage to the bourgeoisie. This wage capital relationship created two important outcomes for the worker
- first the proletariat was alienated from the items that produced because of the factory division of labour
- second, the proletariat was vulnerable to exploitation by the owner because they relied on a paid wage to procure the necessities of life

34
Q

Stage 5: Communism

A

Developed by karl Marx and Friederich Engels
Write about class struggle
- proletariat vs bourgeoisie
Marx, I’m particular, believed in revolutionary action
Perfect socialist state exists with everyone working towards the common good
Goals: equality and stability
Workers paradise
Communism= classless society

35
Q

What is something wrong with communism

A

Communism was failed every-time it was tried

36
Q

Effort to eliminate class system

A 
- Marxism focused on the exploitation of the worker by the ruling class
Marx asserted all the elements of a societies structure depending on its economic structure. Marx saw conflict in society as the primary means of change
Economically he saw conflict between owners of production and labourers
37
Q

Who are the Bourgeoisie?

A

The middle class

38
Q

Who are the proletariat?

A

Working class

39
Q

Trying to implement communism has led to?

A

Lower standard of living
Government corruption
Collapse of government

40
Q

What is general criticism?

A

communism removes incentive for people to work harder than they have to
- also develop resentment to those who work less but receive the same

41
Q

Why is it said that communism is disastrous?

A

Communism continues to be great in theory but disastrous in practice

42
Q

Socialism vs Communism

A

Social= everyone is treated equally. State controls producing everything

Communism= everyone has an equal right to a share of the countries wealth
Government owns and controls main industries

43
Q

Left wing

A

Supports change to improve welfare of citizens
Government plays large role in peoples lives(providing services)
Law and order are important to protect rights of all citizens fair and equally

44
Q

Centre wing

A

Tradition is important but change must be supported if majority wants it
Government plays a role only when it improves lives of citizens
Law and order are important to encourage and protect the rights of individuals

45
Q

Right wing

A

Tradition is important, change should be treated with caution
Government plays a small role in capital system
Private businesses ensure the needs of citizens are met
Law and order are important to protect society and it’s traditions

What Is Economics? (3 decks)

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