Basics of Economics Vocab 2018/2019 (1 of 2)

Which country currently has a CAPITALISTIC economy but a COMMUNIST government?

Negotiation of wages and other conditions of employment by an organized body of employees

This term refers to the ups and downs (expansions and contractions) in economics over time

Separation of tasks in a system so that participants may specialize (ex. Ford's assembly line)

The economic value of thoughts, education, training, creativity, etc. (i.e. intangibles)

Monetary measure of the market value of all the final goods and services produced

Which economic system allows entrepreneurial endeavors (aka starting small businesses)

A society/situation in which no government exists

Marx's dream of a communist utopia sought to get rid of all of the following except...

When a country spends more than it has taken in via taxes (spending $ they don't have)

A general increase in prices and fall in the purchasing value of money

Financial penalties placed on one country by another (ex. trade barriers, tariffs, etc.)

When a company buys up its competitors in order to be the only company making the product

Adam Smith is known for publishing his work on capitalism, Wealth of Nations, the same year as

Buying stocks (pieces of companies) with loaned money is called buying on the...

An economy that is expanding, characterized by consumer optimism, increased employment, etc.

First leader of the USSR, who found true communism was less effecient than mixed economy

Of the following, which nation does the US NOT restrict trade with?

Leader of the Soviet Union from the 1920s until the 1950s; pushed production of industry

This term, meaning to "let it be," refers to an economy unhindered by gov interference