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Intro to Economic Justice > Economic Systems > Flashcards

Economic Systems Flashcards

1
Q

Socialism

A

PRODUCTION, DISTRIBUTION AND EXCHANGE OWNED AND REGULATED BY THE COMMUNITY AS A WHOLE (OR THROUGH DEMOCRATIC MEANS)

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2
Q

Communism

A

PROPERTY IS PUBLICLY OWNED, PEOPLE ARE PAID ACCORDING TO THEIR NEEDS

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3
Q

Capitalism

A

PRIVATE OWNERSHIP OF MEANS OF PRODUCTION AND MARKET ECONOMY FOR COORDINATION

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4
Q

Laissez Faire Capitalism

A

ECONOMIC TRANSACTIONS ARE FREE FROM GOVERNMENT INTERFERENCE SUCH AS REGULATION (LABOR, ENVIRONMENT), TAXES, SUBSIDIES, ETC.

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5
Q

Mixed Economy

A

COMBINES MARKET ECONOMIES WITH STATE INTERVENTION

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Intro to Economic Justice (3 decks)

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