Econ Flashcards
Econ class (27 cards)
Out of socialism, communism and fascism, what strives for public ownerships of the means of production?
Socialism and communism
Out of socialism, communism and fascism, what believes in private property allows people to keep private property, but government can still tell you what to produce
Fascism
What did all three isms believe about human nature?
That it is malleable
What is capitalism?
Private losses, private gain
Values of communism
Equality control, and anti-liberty Community equality less personal freedom
Values of socialism
Cosmo Politan, which means Universal people,
Altruism (charity) ,Community and equality
What does public ownership of The means of production or centralization lead to
Preverse incentives
What do liberty localism individuality and self interest represent as a market system
A free market economy
What is socialism?
Public ownership of the means of production centralization universal people
What is fascism?
Private profit but socialized losses people allowed to keep private property, but government can still tell you what to produce ex: high tax rate but will let you keep some to reinvest your business
What is the Gosplan?
Soviet Central economic planning bureaucracy they decide what will be told two businesses to make for the government fascism also uses a little bit of this
What did Karl Marx believe?
Abolition of all land make all land public no private property
What is marginal utility?
Marginal means extra and utility means usefulness
What is the lob demand?
The lower the price, the greater the quantity demanded.
How does marginal utility affect how customers buy?
If a product is failing at extra usefulness like buying more than one of a product you as a consumer would want to sacrifice less money The law of diminishing extra usefulness
What is a Priced demand for quantity
A table or schedule a various quantities of a good/service a customer is willing and able to purchase at various prices
According to Adam Smith, what happens to the government value as property rises value
The government increases in value as well
What is the freedom of enterprise?
The freedom to acquire resources, use them in production and dispose of produce as one sees fit
What is consumer sovereignty?
The idea that consumers through their preference determine what and how things are produced voting with dollars
What did Hernando De Soto talk about in the mystery of capital
He went around every country and started a business and found it was easiest to start one in the United States and a free market economy
Did Adam Smith believe in no government?
No, he believed in limited government and the rule of law that government was unnecessary human institution.
righy of contract
You create a broke pact with someone so when a court of law, you won’t have to beat someone up or something
Right to be queef
You can give your property away upon your death in a way directly to someone that the government doesn’t intervene
Intellectual property
Trademark copyright patents, etc.
