Communism

Question 1

Sustainable Prosperity

Answer 1

Living a satisfying life, as an individual and member of community. In a way to be maintained into the future

Question 2

Economics

Answer 2

Study of people and choices
Study of how people choose to use resources (resources= limited wants=unlimited)
Pertaining to the production distribution and use of income, wealth, and commodities

Question 3

Globalization

Answer 3

An increased level of interconnectedness among the people of the world and their lives

Question 4

Economic Globalization

Answer 4

The increasing interdependence of world economics as a result of the growing scale of cross border trade of commodities
Flow of international capital and rapid spread of tech

Question 5

Economic choice

Answer 5

Scarcity or opportunity cost

Question 6

Opportunity cost

Answer 6

Whatever you give up to do something

The value of the next best alternative when a decision is made; it’s what is given up

Question 7

Scarcity

Answer 7

The tension between infinite wants and finite resources

Question 8

Incentives

Answer 8

A set of external (rather than intrinsic) motivators that explain peoples choices

Question 9

Macroeconomics

Answer 9

The study of production, employment, prices, and policies on a nationwide scale

Question 10

Microeconomics

Answer 10

The study of how consumers, workers and firms interact to generate outcomes in specific markets

Question 11

Choices you make determines?

Answer 11

Centrally planned, mixed it market economy

Question 12

Centrally planned economy

Answer 12

Government makes all the decisions
Government produces essentials for citizens
Sacrifices growth,freedom and efficiency for security, equality and stability

Question 13

Market economy

Answer 13

Supply and demand drive economic decisions
Entrepreneurs produce what the people want for the people who can afford it
Sacrifices equality, security and stability for growth, freedom and efficiency

Question 14

Mixed economy

Answer 14

An economy organized with some free market elements and some socialistic elements
Government/entrepreneurs produce essentials/wants for citizens and people who can afford it

Question 15

Economic questions

Answer 15

What will be produced?
Who produces it?
Who’s it produced for?

Question 16

6 economic goals

Answer 16

Economic growth
Efficiency 
Stability 
Security
Equality
Freedom

Question 17

Economic growth

Answer 17

Create jobs, reduced poverty

Question 18

Economic efficiency

Answer 18

Maximize output by careful use of resources

Question 19

Economic stability

Answer 19

Prevent rapid price increases and decreases

Question 20

Economic security

Answer 20

Provide steady, suitable, and secure jobs for all

Question 21

Economic equality

Answer 21

Provide fair distribution of resources

Question 22

Economic freedom

Answer 22

Allow individual decisions on production, spending and jobs

Question 23

Is a centrally planned economy a communist or capitalism economy

Answer 23

Communism

Question 24

Is the market economy more capitalist or communist

Answer 24

Capitalist

Question 25

Where did capitalism come from

Answer 25

Feudalism to mercantilism to capitalism

Question 26

Feudalism

Answer 26

One class of people possess property rights to all valuable resources, including people

Question 27

Mercantilism

Answer 27

Wealth is power! More export and less import

Question 28

Capitalism

Answer 28

More economic freedom and less government intervention

Question 29

Who is Adam smith

Answer 29

Layed the foundation for capitalist theory, argues against mercantilism and gov control of the economy. Talked about how the invisible hand reflects the concept that each person by looking out for themselves help create the best outcome for all

Question 30

Stage 1: Hunter-Gatherer

Answer 30

Traditional economy Family was largest social unit Subsistence living Very little socialization with other groups

Question 31

Stage 2: Nomadic

Answer 31

Traditional economy Move around for resources required to live Meet new groups and learn new ways of life Beginning of new roles beyond hunting

Question 32

Stage 3: Agricultural

Answer 32

Traditional economy moving towards sophisticated modern economy Agriculture and industrial revolution occur here - enclosure movement Factory system Capitalism is very influential, becoming the dominant economic system Division of labour and specialization occurs, with jobs such as carpenter and plow man

Question 33

Stage 4: industrial/commercial

Answer 33

Capitalism in full swing, many em areas becoming interrogated through trade Class inequality exists- revolution needed to create equality - proletariat vs bourgeoise - work towards a workers paradise Capitalism established the conditions in which the only way for the labourer to survive was by selling her labour power for a wage to the bourgeoisie. This wage capital relationship created two important outcomes for the worker - first the proletariat was alienated from the items that produced because of the factory division of labour - second, the proletariat was vulnerable to exploitation by the owner because they relied on a paid wage to procure the necessities of life

Question 34

Stage 5: Communism

Answer 34

Developed by karl Marx and Friederich Engels Write about class struggle - proletariat vs bourgeoisie Marx, I’m particular, believed in revolutionary action Perfect socialist state exists with everyone working towards the common good Goals: equality and stability Workers paradise Communism= classless society

Question 35

What is something wrong with communism

Answer 35

Communism was failed every-time it was tried

Question 36

Effort to eliminate class system

Answer 36

``` - Marxism focused on the exploitation of the worker by the ruling class Marx asserted all the elements of a societies structure depending on its economic structure. Marx saw conflict in society as the primary means of change Economically he saw conflict between owners of production and labourers ```

Question 37

Who are the Bourgeoisie?

Answer 37

The middle class

Question 38

Who are the proletariat?

Answer 38

Working class

Question 39

Trying to implement communism has led to?

Answer 39

Lower standard of living Government corruption Collapse of government

Question 40

What is general criticism?

Answer 40

communism removes incentive for people to work harder than they have to - also develop resentment to those who work less but receive the same

Question 41

Why is it said that communism is disastrous?

Answer 41

Communism continues to be great in theory but disastrous in practice

Question 42

Socialism vs Communism

Answer 42

Social= everyone is treated equally. State controls producing everything Communism= everyone has an equal right to a share of the countries wealth Government owns and controls main industries

Question 43

Left wing

Answer 43

Supports change to improve welfare of citizens Government plays large role in peoples lives(providing services) Law and order are important to protect rights of all citizens fair and equally

Question 44

Centre wing

Answer 44

Tradition is important but change must be supported if majority wants it Government plays a role only when it improves lives of citizens Law and order are important to encourage and protect the rights of individuals

Question 45

Right wing

Answer 45

Tradition is important, change should be treated with caution Government plays a small role in capital system Private businesses ensure the needs of citizens are met Law and order are important to protect society and it’s traditions