Intro Flashcards
An economy is a system designed for what?
For the production, distribution, and consumption of necessary and desired goods and services
The trading of wealth for goods or services defines what?
Economic Activity
Name the three commonly known terms in modern real estate with links to feudal economies
Agency, Fee ownership, and the bundle of legal rights
Who is considered the founder of modern capitalism?
Adam Smith
Productivity is the measurement of what?
Economic Efficiency
Modern economic systems lie on a spectrum between what to types of economies?
Pure Capitalism and Pure Socialism
What four components do we examine to profile our U.S. Economy?
1.) Production 2.) Consumption, 3.) Employment 4.) Income – either national (national product) or personal income – purchasing power.
The fastest growing sector of the US economy is what?
Service providing
Economic equality is the goal for while type of economic system?
Socialism
Who was in favor or free and open, unregulated market economies?
Adam Smith, Wealth of Nations
What is a command economy and what type of economic system does it reside within?
Socialist. When the economy responds to commands from the government (i.e. government sets prices, not the competitive market)
Describe pure socialism
Motivated by common interest and economic equality, socialism focuses on public collective ownership, whereby ownership, management, and control of the means of production and distribution of goods and services are controlled by the community.
Who felt workers were being exploited? That the value the workers added was not compensated for and was profited off of.
Karl Marx
Who argued that revolution was inevitable?
Karl Marx
Adam Smith argued that the wealth of a nation should be measured by what?
A nation’s annual production
