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government and politics sophomore > economic outline > Flashcards

economic outline Flashcards

(84 cards)

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1
Q

what type of economic system does the US have

A

capitalism

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2
Q

what are the factors of production

A

land, capital, labor

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3
Q

can people in the US own their labor and sell it to an employer

A

yes

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4
Q

what happens when entrepreneurs start a business

A

it creates more jobs

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5
Q

more jobs =

A

more money

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6
Q

more money=

A

people can but more things

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7
Q

what type of system is capitalism

A

free enterprise

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8
Q

what are free enterprise and free markets usually associated with (political party)

A

democrats

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9
Q

everything in a capitalist economy is based on ______

A

freedom

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10
Q

what type of things can happen in a capitalist economy with freedom

A

entrepreneurs can change businesses
workers can quit their jobs
workers can organize themselves into unions

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11
Q

______ is to a capitalist system

A

private ownership

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12
Q

what type of things can happen in a capitalist economy with private ownership

A 
business owners will decide how to use their capital and how to invest
workers also own their labor
workers choose their type of job
workers agree to salary
workers can quit
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13
Q

what type of things can happen in a capitalist economy with individualism

A

anyone can stat their own business

exchange ideas to help advance their business and life

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14
Q

more exchange of ideas =

A

more ideas in society

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15
Q

if people invest in themselves or their business, they they are entitled to receive___________

A

any benefits

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16
Q

can you make a profit in a capitalist system

A

yes

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17
Q

what causes entrepreneurs to invest further

A

desire for more money

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18
Q

more investment=

A

more jobs

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19
Q

a capitalist system creates_______

A

competition

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20
Q

what does competition do to products

A

prices stay low and quality remains high

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21
Q

how are prices determined

A

supply and demand

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22
Q

what happens if there is more of a supply and demands stay the same

A

prices fall

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23
Q

what happens if demand increases and supply stays the same

A

prices fall

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24
Q

what happens if demand increase and supply stays the same

A

prices rise

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25
does competition always favor the consumer
no
26
what happens if a company is too good and knocks out all the competition
monopoly
27
what advantage does a monopoly have
they can charge whatever price because there is no competition
28
how did the government feel about monopolies
hurt the free market
29
who watches to make sure there are no trusts or monopolies
justice department
30
what was adam smiths book called
the wealth of nations
31
what should the government do in a Laissez Faire capitalism
foreign relations and national defense create a police force and court system to protect private property do things that private companies can not do for a profit
32
is the US economy a capitalist
yes but government doesnt get involved
33
who regulates the economy in capitalist and example
government | ex: food safety standards
34
how does the government help economic life in a capitalist economy
fixing highways, provide public health programs
35
who runs schools, the post office, and utilities in a capitalist economy
government
36
Generally government plays a larger role in the economy in ______
europe
37
what countries are known for having public health care
european countries
38
what was the working limit in France up until recently
35 hours
39
what are the economic rivals to capitalism
socialism and communism
40
what did Karl Marx write
Communist Manifesto
41
What did Karl Marxs book do
called on all workers to unite against capitalist enslavement
42
did karl marx believe that higher classes always oppressed lower classes
yes
43
what did Marx think that class struggle would do
lead to war
44
did karl marx believe in supply and demand
no
45
what did karl marx believe when i came to workers and sellers
workers should receive the full value of their work and the seller should not profit
46
did marx like organized religion
no
47
what did karl marx think about religion
it was the opiate of the people, which causes workers to tolerate their unfair lives
48
what was karl marx's ultimate goal
to have a classless society
49
what did Marx think about the authoritarian government
it would subside once the classless society developed
50
workers would unite as ____ and not as _______ (according to karl marx)
workers not authoritarians
51
who would own private property according to Karl Marx
society (no fighting)
52
did europeans agree with marx
yes
53
what type of leader did people not really want
authoritarian
54
how did people feel about developing a fair economy
not everyone wanted to go to extreme measures to do it
55
how do socialists want to achieve their economic goals
peacefully
56
what do socialist governments take over
only certain industries (manufacturing, transportation, utilities)
57
what type of industries usually stay in private ownership in a socialist government
neweer industries or technological industries
58
how do socialist governments feel about workers
they should have a say in how their workplace operates
59
what type of things do socialist governments fully control
retiremnt, pensions, free education, universal healthcare, and housing
60
how does medical and dental work in a welfare state
free
61
benefits of a socialist country
medical and dental free pensions some give parents money for their kids up until 18 maternity and paternity leave
62
how are taxes in socialist countries
high on job taxes and consumer goods
63
highest percent of income taken out of a socialist countries income resident
60%
64
sweden and Portugal tax percent
70%
65
denmark sweden and norway tax rate
25%
66
united kingdom and france tax rate
25%
67
who are economic decisions made by in a socialist government
the government
68
most people associate socialism with ______
Europe
69
More recently socialism has grown in ______
Latin America
70
what did Hugo Chavez do
nationalized oil industry, telecommunications, and electricity, while promising free healthcare, education, and housing
71
did poor people supposed chavez
yes
72
what caused Venezuela's inflation and shortage of goods
lack of competition
73
which is more successful: communism or socialism
socialism
74
did karl marx say how a communist government was supposed to operate
no just how to work
75
what does the communist party control
all parts of the government and all parts of life
76
example of central planning
people who work for the government will supervise and run the factory
77
most well known communist country
soviet union
78
what happen as soon as Stalin became the leader of the soviet union
ordered government to take over factories and farms
79
did the soviet government give benefits
yes
80
examples of soviet government benefits
free education and healthcare
81
cons of the soviet government
not classless
82
how many independent countries did the soviet become
15
83
examples of independent countries that were once the soviet
russia, ukraine, lithuania
84
What happens to businesses in Russia through out the 1990's
became privately owned

government and politics sophomore (50 decks)

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