Fill In the Blanks 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 the state.
Centralized socialism
A nation under extreme state capitalism is known as a ____ ____
Welfare state
_____ ____ is a 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 that any arrangement of the tools of production short 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 transitional economic system bridging the gap between capitalism and socialism
Social democracy
A person becomes an owner of part of a corporation by buying shares of its ____
Stock
Private citizens are the 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
