Fill In The Blank Flashcards
________ is socialism in its most extreme form
Communism
_______ _______ maintains that the national government should be both the central owner and the decision maker in all economic affairs of state
Centralized socialism
A nation under extreme state capitalism is known as ______ _____
Welfare state
______ ______ is capitalism in its most extreme form and exists only as an economic theory.
Radical capitalism
When a nation sells more goods to other nations than it purchased from them, it enjoys a ______ ______ of _______
Favorable balance of trade
Under ______ _____, private citizens own the vast majority of natural resources, financial capital, and labor, but the government freely intervenes in economic decision making
State capitalism
In his ______ ______, Marx argued the tank arrangement of the tools of production shot of total state ownership would be counterproductive
Communist manifesto
_____ ______ _______ is the form of capitalism that arose from the writings of Adam smith
Classic liberal capitalism
_______ _______ are goods and services that benefit all or nearly all of a nations people
Public goods
______ _____ is a traditional economic system bridging the gap between capitalism and socialism
Social democracy
A person becomes an owner of a part of a corporation by buying shares of its _____.
Stock
Private citizens are owners of ______ ______
Private corporations
A _______ _______ invests money in the business and has the right to inspect the books and share in the profits of the firm.
Limited partner
A _____ _______ is a business firm that has one owner
Sole proprietorship
A _____ is a separate entity and recognized by law
Corporation
