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Social Studies > Types Of Economies > Flashcards

Types Of Economies Flashcards

0
Q

Capitalism

A

productions are privately owned.

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1
Q

Economics

A

Analyzes the production, destruction, and consumption of goods and services

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2
Q

What kind of economy would have capitalism?

A

A limited economy

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3
Q

What is an example of capitalism?

A

The U.S.

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4
Q

Socialism

A

Supports ownership of the means of production

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5
Q

In socialism, who leads factories and farms?

A

People instead of the wealthy.

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6
Q

In socialism, what class has power?

A

Working class

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7
Q

What is an example of socialism?

A

China

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8
Q

Communism

A

The community owns all property and the means of production and all citizens share the wealth.

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9
Q

What society does communism create?

A

A classless society

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10
Q

What is an example of communism?

A

Cuba

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11
Q

Ownership and control (capitalism)

A
  • individuals control means of production

- market determines what goods will be sold at what price

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12
Q

Ownership and control (socialism)

A

-basic means of production owned by government

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13
Q

Ownership and control (communism)

A
  • government owns production

- government determines what will be sold at what price

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14
Q

Competition (capitalism)

A

-competition keeps prices low and quality high

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15
Q

Competition (socialism)

A

-cooperation stressed over competition

16
Q

Competition (communism)

A

No competition, lower quality goods

17
Q

Standard of living (capitalism)

A
  • high standard of living and economic security

- people free to earn profits

18
Q

Standard of living (socialism)

A
  • high standard of living and economic security

- high taxes provide free health care and education

19
Q

Standard of living (communism)

A

-goal is equality for everyone; enforced by the government

20
Q

Credit

A

Money consumers borrow to spend and pay back later

21
Q

Superficial prosperity

A

False appearance of having money; “fake rich.”

Social Studies (15 decks)

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