Economic Systems

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

China & Russia's transitioning economies are different because

The bottom point of the business cycle

The economist most closely associated with the idea of laissez faire

Economic system in which children have the same jobs as their parents

Examples of in-kind safety nets include

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

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

The total value of all final goods & services produced in a particular economy

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

Economic goal of a smooth business cycle; monetary policy tries to balance this

Main difference between centrally planned economy & free market

What economic goal best fits in a pure communist system?

Legislative & executive branches are responsible for ___ policy-taxes & spending on public G&S

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

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

Examples of cash transfer safety nets include

Two periods of continued economic contraction

Economy improving, expanding, only original level or peak, before prosperity

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

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

The doctrine that the government should not intervene in the marketplace

Adam Smith's motivating force behind the free market 

The HOW economic question

Key features of free enterprise

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