Economic Systems Unit 2

Adam Smith's motivating force behind the free market 

Two periods of continued economic contraction

The economy moving from central planning toward a market-based system

Direct payments of money to eligible poor people & other qualified people

The concentration of the productive efforts of individuals & firms on a few activities

Examples of cash transfer safety nets include

The bottom point of the business cycle

Level of economic prosperity; related to economic goal of growth & innovation

China & Russia's transitioning economies are different because

A range of economies with a mix of government control and economic freedom

The economist most closely associated with the idea of laissez faire

Examples of in-kind safety nets include

Economy improving, expanding, usually to original level or peak

The HOW economic question

An unemployment rate under 6%; the government getting people back to work; this economic goal

On the Continuum of Mixed Economies, how could Canada be described

Main difference between centrally planned economy & free market

One's own personal gain; idea of Adam Smith that moves the Invisible Hand of the free market

What economic goal best fits in a pure communist system?

On the Continuum of Mixed Economies, how could China be described?

The doctrine that the government should not intervene in the marketplace

A econ system of private/corporate ownership in private decision not state control

A range with no clear divisions; in economics, range of econ systems govt control to freedom

Economic systems where you have the same jobs as your parents (based on gender lines)

large farms leased from the state to groups of peasant farmers

Total value of all G&S produced in economy; $ value of all G&S produced in a country's borders

Industry that requires large capital investment & that produces items used in other industries

Goods & services provided for free or at greatly reduced prices

The method used by society to produce and distribute goods & services