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tle > chapter 4 economics > Flashcards

chapter 4 economics Flashcards

1
Q

societies differ in their approach to solving scarcity

A

economic system

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2
Q

Clayton

A

Economic Principles and Practices

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3
Q

Economic Principles and Practices, Clayton

A

an organized way by which a society provides for the needs and wants of the people

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4
Q

Vivar

A

Economics: Theories and principles

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5
Q

Economic: Theories and principles, Vivar

A

the sum total of institutions and models of customs , which have become permanent and became a part of economic activities of a country

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6
Q

Tullao

A

Understanding Economics in the Philippine Setting

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7
Q

3 prototypes of economic system:

A

traditional, command. market

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8
Q

the oldest type of economic system

A

traditional system

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9
Q

activities according to practices handed down from their ancestors

A

traditional system

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10
Q

reasons why they still do traditional:

A

value their customs and traditions, find these activities still relevant to granting their needs

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11
Q

bad about traditional

A

they are boring, not innovative

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12
Q

a society that operates like an army

A

command system

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13
Q

a powerful authority manages the economy from top to bottom

A

command system

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14
Q

downsides of command system

A

no freedom; choice, enterprise, private initiative

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15
Q

good side of command system

A

everyone is equal

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16
Q

not only a place for trading but also a mechanism through which economic activities are organized

A

market system

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17
Q

who started the market system

A

Adam smith in England

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18
Q

Adam Smith book

A

the wealth of Nations, 1776

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19
Q

the key to progress is allowing individuals to pursue their self interest and to satisfy themselves without the government interference as much as possible

A

market system

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20
Q

individuals are free to make economic decisions

A

market system

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21
Q

determines the price of the product

A

interaction

22
Q

rapid increase in prices

A

inflation

23
Q

decline in economic activity

A

recession

24
Q

economic effect of the activity to a third party

A

externality

25
Q

downsides is market system

A

inequality, fluidity, externalizes, abuse of freedom

26
Q

introduced capitalism to the world

A

Adam Smith

27
Q

ideal society, private ownership of resources

A

capitalism

28
Q

capitalism in french

A

laissez-faire

29
Q

invisible hand theory

A

without the interference of the government, the economy is still doing good mostly because of competition between businesses

30
Q

money votes, what consumers mostly buy

A

market signals

31
Q

state ownership

A

socialism

32
Q

workers

A

proletariat

33
Q

capitalists

A

bourgeoisie

34
Q

phalanxes

A

Charles Fornier

35
Q

cooperative communities which communities would work according to their abilities

A

phalanxes

36
Q

socialism two form:

A

reform, revolutionary

37
Q

economy to capitalist to socialist (system of worker or state owned)

A

reform

38
Q

totalitarian control of the state

A

revolutionary

39
Q

often used interchangeably with socialism

A

communism

40
Q

communism originated:

A

Karl Max, Friedrich Engels

41
Q

Karl Max, Friedrich Engels

A

Manifesto of the communist party

42
Q

symbol of authority

A

fasces

43
Q

exalts nationalism as the supreme value

A

fascism

44
Q

is the ideal market capitalist that Adam Smith envisioned, no government intervention

A

pure market capitalist

45
Q

less rigid version of the capitalist, allows government intervention

A

advance market capitalist

46
Q

combines socialism and capitalism, small businesses only

A

market socialist

47
Q

state ownership of resources and of means of production

A

command socialist

48
Q

mixed planned and market

A

democratic socialism

49
Q

perfect blend of capitalism and socialism or market and command

A

welfare state economy

50
Q

classifications of economic system

A

pure market socialist, advanced market socialist, market socialist, command socialist, welfare state economy

tle (14 decks)

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