L4: Basic Economic Questions Flashcards
1
Q
Planned vs Market = ?
A
Decisions
2
Q
Capitalist vs socialist = ?
A
Ownership
3
Q
How does planned socialism:
Know what to produce and how much to produce
A
Determined by the Govt. (“Central Planning”)
4
Q
How does planned socialism:
Know how to produce
A
Determined by the Govt departments
5
Q
How does planned socialism:
Know for whom to produce?
A
Determined by the Govt departments decide the distribution
6
Q
What is Australians Economy
A
A Market Capitalist Market
7
Q
Key Beliefs in Australia’s Market Capitalist Economy
A
- Private Enterprise
- Free Enterprise
- Self-Interest
- Competition/efficiency
- Consumer Sovereignty
