4 Allocation Flashcards

1
Q

efficient allotment and division of resources

A

allocation

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2
Q

process of identifying how scarce resources are to be apportioned

A

allocation

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3
Q

no central control; decisions based on socio-cultural system shaped by customs, traditions, and religious beliefs

A

traditional economic system

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4
Q

trading system is direct (barter)

A

traditional economic system

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5
Q

for barter to push through, what must occur?

A

double coincidence of wants and needs

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6
Q

stability and continuity are more important than innovation and change

A

traditional economic system

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7
Q

no concept of private property

A

traditional economic system

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8
Q

roles based on gender and status

A

traditional economic system

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9
Q

centralized decision-making – an advantage that produces rapid changes in their society

A

command economic system

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10
Q

individuality, innovation, and variety are completely lacking

A

command economic system

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11
Q

including most ancient civilizations and the communist countries of today

A

command economic system

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12
Q

central gov’t that owns the means of production and decides distribution of goods

A

socialism

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13
Q

contributes according to ability and gets back according to what you need

A

communism

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14
Q

contributes according to ability, distributed equally

A

socialism

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15
Q

freedom to choose whichever religion you want to believe in

A

socialism

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16
Q

NO GOVERNMENT; everything collectively owned by society

17
Q

rejects all forms of religion

18
Q

complete lack of centralized decision-making

A

market economic system

19
Q

individuals act on own free will as buyer and seller; decide the economic activities to satisfy their own “self-interest”

A

market economic system

20
Q

regulate the market

A

invisible hands

21
Q

doctrine of “laissez faire”/”hands off” policy, where gov’t doesn’t interfere

A

market economic system

22
Q

pros of market economic system

A

greater variety of products, better quality due to self-regulation (supply and demand, price and quantity), rewarding innovation and efficiency

23
Q

cons of market economic system

A

labor exploitation, false advertisement, safe and ineffective products, some people can’t realize benefits of this system

24
Q

goal is to profit

A

capitalism

25
adam smith wrote "an inquiry to the nature and causes of the wealth of nations"
capitalism
26
father of capitalism
adam smith
27
divides people into classes; capitalist and working class
capitalism
28
market economy, minimal government intervention
capitalism
29
specialization, division of labor, capital expansion
capitalism
30
"pure altruism is not possible in economics"
self-interest
31
being selfish is OK; it boosts the economy
adam smith
32
being selfish is NOT OK, if we don't think about others, the rich get richer, the poor get poorer
karl marx