Economic Systems Flashcards
1
Q
Socialism
A
PRODUCTION, DISTRIBUTION AND EXCHANGE OWNED AND REGULATED BY THE COMMUNITY AS A WHOLE (OR THROUGH DEMOCRATIC MEANS)
2
Q
Communism
A
PROPERTY IS PUBLICLY OWNED, PEOPLE ARE PAID ACCORDING TO THEIR NEEDS
3
Q
Capitalism
A
PRIVATE OWNERSHIP OF MEANS OF PRODUCTION AND MARKET ECONOMY FOR COORDINATION
4
Q
Laissez Faire Capitalism
A
ECONOMIC TRANSACTIONS ARE FREE FROM GOVERNMENT INTERFERENCE SUCH AS REGULATION (LABOR, ENVIRONMENT), TAXES, SUBSIDIES, ETC.
5
Q
Mixed Economy
A
COMBINES MARKET ECONOMIES WITH STATE INTERVENTION