Comparative Economic Systems

Private enterprise exists in combination with government regulation to promote safety, equity

The economic system answers the three basic economic questions according to societal customs

In a ________economic system the here is no government intervention into the economy

Person who combines factors of production to create and market new goods and services.

 believed democratic processes could  achieve economic equality   became today’s modern _____

The main cause of the Russian (Bolshevik) revolution was

Karl Marx envisioned a _______________ where all resources are shared equally

Collectivization is a characteristic of ___________ countries

Expansion of the economy to produce more goods, jobs, and wealth

The government provides public goods because 

exploited class, the mass of workers who do not own the means of production

Father of capitalism advocated for Laissez Faire econ system regulated by the "invisible hand"

Centrally planned economy. ALL economic and political power controlled by the government.

this determines the type of economy a nation will have 

His 1776 book Wealth of nations stated that government should not interfere with economics.

Pricedbased on the value to society rather than based on the profit motive. 

money left after all costs of production, wages, rents, interests, and taxes have been paid

 Progressive tax system, social safety net, government regulation for consumers, health safety

While in prison, Karl Marx wrote

OSHA, EPA, FDA, FAA, and CPSC, are examples of US

Economic system based on free enterprise, in which businesses are privately owned.

Which of the following countries has a communist economy today?

In a ____ Economy, government regulates industry to protect health and safety of the public

__Goods/services are provided by gov't because many wouldn't have them if left to the market.

Entrepreneurs are guaranteed unrestricted freedom .

Central government takes over certain industries, such as transportation and oil

His 1776 book established economic theory, that government should not interfere with economics.

The Communist theory of value differs from capitalism in that 

Karl Marx advocated for the overthrow of the Czar Nicolas II and the wealthy class or 

Economic system in which MOST of the factors of production are owned by the government

Dictator of the Soviet Union in WWII. Introduced collectivization and centrally planned economy

High taxes  Government provides many services for free or little cost. Social safety net

 no modern nations with an entire economy functioning as traditional however, most  do have

those who believed economic equality could only be attained by a violent revolution became ___

land, labor, and capital and entrepreneurship.

Government regulation over economic activities has increased significantly since the 1900s.

Public goods and government corporations improve economic equity

Infrastructure, health care, public schools are examples of public or collective goods in a ___

A Laissez-faire economy is the same as a____________ economy