Fill In the Blanks Flashcards
(20 cards)
_____ is socialism in its most extreme form
Communism
____ ____ maintains that the national government should be both the central owner and the decision maker in all economic affairs of the state.
Centralized socialism
A nation under extreme state capitalism is known as a ____ ____
Welfare state
_____ ____ is a capitalism in its most extreme form and exists only as an economic theory
Radical capitalism
When a nation sells more goods to other nations than it purchased from them, it enjoys a ____ of ____
Favorable balance of trade
Under ____ ____, private citizens own the vast majority of natural resources financial capital, and labor, but the government freely intervenes in economic decision making
State capitalism
In his ______ _____, Marx argued that any arrangement of the tools of production short of total state ownership would be counterproductive
Communist manifesto
____ _____ _____ is the form of capitalism that arose from the writings of Adam Smith
Classic liberal capitalism
___ ____ are goods and services that benefit all or nearly all of a nations people
Public goods
_____ ____ is a transitional economic system bridging the gap between capitalism and socialism
Social democracy
A person becomes an owner of part of a corporation by buying shares of its ____
Stock
Private citizens are the owners of ____ ____
Private corporations
A ____ ____ invests money in the business and has the right to inspect the books and share in the profits of the firm
Limited partner
A ____ _____ is a business firm that has one owner
Sole proprietorship
A ______ is a separate entity and recognized by law
Corporation
The __ and _____ _____ was founded by the government in 1934 to help ensure that corporations provide accurate and current information to the public about their financial situations and their business dealings
The securities and exchange commission
Those who buy and sell stocks for the purpose of taking advantage of short term price changes are engaging in a practice that market analyst call _____
Speculation
In 1896 Charles Dow, one of the founders of the Wall Street journal, developed the most well known stock index the ___
DJIA
One of the most well known stock markets is called the New___ Stock ____
New York stock exchange
Stockbrokers work for a free called a ______
Commission
