FREE MARKET SYSTEMS Flashcards
1
Q
communism
A
Government controls most or all majority industries and management of the economy
2
Q
Socialism
A
Government…
1- Does not attempt to manage the overall economy
2-owns several major industries
3- Guarantees every individual a minimal standard of living
3
Q
Free Market System
A
1- Operates mainly on private transactions
2-Individuals are free to make their own production, Distributions, and pricing decisions
3- Individuals depend on themselves for economic security
4
Q
Lockner v NY
A
14th amendment
due process clause
