Comparative Economic Systems

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

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

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

Entrepreneurs are guaranteed unrestricted freedom .

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

The main cause of the Russian (Bolshevik) revolution was

The government provides public goods because 

Which of the following countries has a communist economy today?

land, labor, and capital and entrepreneurship.

The Communist theory of value differs from capitalism in that 

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

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

this determines the type of economy a nation will have 

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

Karl Marx envisioned a _______________ where all resources are shared equally

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Collectivization is a characteristic of ___________ countries

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

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

Public goods and government corporations improve economic equity

While in prison, Karl Marx wrote

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

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

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

A Laissez-faire economy is the same as a____________ economy

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