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government and politics sophomore > economic outline > Flashcards

economic outline Flashcards

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1
Q

what type of economic system does the US have

A

capitalism

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2
Q

what are the factors of production

A

land, capital, labor

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3
Q

can people in the US own their labor and sell it to an employer

A

yes

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4
Q

what happens when entrepreneurs start a business

A

it creates more jobs

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5
Q

more jobs =

A

more money

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6
Q

more money=

A

people can but more things

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7
Q

what type of system is capitalism

A

free enterprise

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8
Q

what are free enterprise and free markets usually associated with (political party)

A

democrats

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9
Q

everything in a capitalist economy is based on ______

A

freedom

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10
Q

what type of things can happen in a capitalist economy with freedom

A

entrepreneurs can change businesses
workers can quit their jobs
workers can organize themselves into unions

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11
Q

______ is to a capitalist system

A

private ownership

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12
Q

what type of things can happen in a capitalist economy with private ownership

A 
business owners will decide how to use their capital and how to invest
workers also own their labor
workers choose their type of job
workers agree to salary
workers can quit
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13
Q

what type of things can happen in a capitalist economy with individualism

A

anyone can stat their own business

exchange ideas to help advance their business and life

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14
Q

more exchange of ideas =

A

more ideas in society

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15
Q

if people invest in themselves or their business, they they are entitled to receive___________

A

any benefits

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16
Q

can you make a profit in a capitalist system

A

yes

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17
Q

what causes entrepreneurs to invest further

A

desire for more money

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18
Q

more investment=

A

more jobs

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19
Q

a capitalist system creates_______

A

competition

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20
Q

what does competition do to products

A

prices stay low and quality remains high

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21
Q

how are prices determined

A

supply and demand

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22
Q

what happens if there is more of a supply and demands stay the same

A

prices fall

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23
Q

what happens if demand increases and supply stays the same

A

prices fall

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24
Q

what happens if demand increase and supply stays the same

A

prices rise

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25
Q

does competition always favor the consumer

A

no

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26
Q

what happens if a company is too good and knocks out all the competition

A

monopoly

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27
Q

what advantage does a monopoly have

A

they can charge whatever price because there is no competition

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28
Q

how did the government feel about monopolies

A

hurt the free market

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29
Q

who watches to make sure there are no trusts or monopolies

A

justice department

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30
Q

what was adam smiths book called

A

the wealth of nations

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31
Q

what should the government do in a Laissez Faire capitalism

A

foreign relations and national defense
create a police force and court system to protect private property
do things that private companies can not do for a profit

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32
Q

is the US economy a capitalist

A

yes but government doesnt get involved

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33
Q

who regulates the economy in capitalist and example

A

government

ex: food safety standards

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34
Q

how does the government help economic life in a capitalist economy

A

fixing highways, provide public health programs

35
Q

who runs schools, the post office, and utilities in a capitalist economy

A

government

36
Q

Generally government plays a larger role in the economy in ______

A

europe

37
Q

what countries are known for having public health care

A

european countries

38
Q

what was the working limit in France up until recently

A

35 hours

39
Q

what are the economic rivals to capitalism

A

socialism and communism

40
Q

what did Karl Marx write

A

Communist Manifesto

41
Q

What did Karl Marxs book do

A

called on all workers to unite against capitalist enslavement

42
Q

did karl marx believe that higher classes always oppressed lower classes

A

yes

43
Q

what did Marx think that class struggle would do

A

lead to war

44
Q

did karl marx believe in supply and demand

A

no

45
Q

what did karl marx believe when i came to workers and sellers

A

workers should receive the full value of their work and the seller should not profit

46
Q

did marx like organized religion

A

no

47
Q

what did karl marx think about religion

A

it was the opiate of the people, which causes workers to tolerate their unfair lives

48
Q

what was karl marx’s ultimate goal

A

to have a classless society

49
Q

what did Marx think about the authoritarian government

A

it would subside once the classless society developed

50
Q

workers would unite as ____ and not as _______ (according to karl marx)

A

workers not authoritarians

51
Q

who would own private property according to Karl Marx

A

society (no fighting)

52
Q

did europeans agree with marx

A

yes

53
Q

what type of leader did people not really want

A

authoritarian

54
Q

how did people feel about developing a fair economy

A

not everyone wanted to go to extreme measures to do it

55
Q

how do socialists want to achieve their economic goals

A

peacefully

56
Q

what do socialist governments take over

A

only certain industries (manufacturing, transportation, utilities)

57
Q

what type of industries usually stay in private ownership in a socialist government

A

neweer industries or technological industries

58
Q

how do socialist governments feel about workers

A

they should have a say in how their workplace operates

59
Q

what type of things do socialist governments fully control

A

retiremnt, pensions, free education, universal healthcare, and housing

60
Q

how does medical and dental work in a welfare state

A

free

61
Q

benefits of a socialist country

A

medical and dental free
pensions
some give parents money for their kids up until 18
maternity and paternity leave

62
Q

how are taxes in socialist countries

A

high on job taxes and consumer goods

63
Q

highest percent of income taken out of a socialist countries income resident

A

60%

64
Q

sweden and Portugal tax percent

A

70%

65
Q

denmark sweden and norway tax rate

A

25%

66
Q

united kingdom and france tax rate

A

25%

67
Q

who are economic decisions made by in a socialist government

A

the government

68
Q

most people associate socialism with ______

A

Europe

69
Q

More recently socialism has grown in ______

A

Latin America

70
Q

what did Hugo Chavez do

A

nationalized oil industry, telecommunications, and electricity, while promising free healthcare, education, and housing

71
Q

did poor people supposed chavez

A

yes

72
Q

what caused Venezuela’s inflation and shortage of goods

A

lack of competition

73
Q

which is more successful: communism or socialism

A

socialism

74
Q

did karl marx say how a communist government was supposed to operate

A

no just how to work

75
Q

what does the communist party control

A

all parts of the government and all parts of life

76
Q

example of central planning

A

people who work for the government will supervise and run the factory

77
Q

most well known communist country

A

soviet union

78
Q

what happen as soon as Stalin became the leader of the soviet union

A

ordered government to take over factories and farms

79
Q

did the soviet government give benefits

A

yes

80
Q

examples of soviet government benefits

A

free education and healthcare

81
Q

cons of the soviet government

A

not classless

82
Q

how many independent countries did the soviet become

A

15

83
Q

examples of independent countries that were once the soviet

A

russia, ukraine, lithuania

84
Q

What happens to businesses in Russia through out the 1990’s

A

became privately owned

government and politics sophomore (50 decks)

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