Pre final exam Vocabulary Flashcards
____ measures the quality and availability of necessities and comforts in society
Standard(s) of living
Proposed by marx and engels in their Manifesto, ___ describes a classless society
Communism
A policy allowing business to operate with little or no government interference
laissez faire
One form of relationship in question #7 was an area in which an outside power claims exclusive investment or trading privileges called an ____
Sphere of influence
The government controls the means of production in a ____
Command economy
Many early European monarchies adopted a system of ___ to try to export more than they imported in order to gain gold and silver
Mercantilism
A cause of WWI, ___ is a glorification of arms and fighting
Militarism
Locke argued that all people had __ from birth, such as life, liberty and property
Natural rights
A council of workers and soldiers set up by Russian revolutionaries in 1917
Soviet
These enlightened thinkers searched for natural laws to explain economics concepts
Physiocrat
___ is an economic system in which the means of production are privately owned and operated for profit
Capitalism
The economic system in which the people as a whole rather than private individuals own all property and operate all business’s
Socialism
An agreement by which people give up their freedom to a powerful government in order to avoid chaos
Social contract
Workers organizations, called ___, often fight for better wages, hours, and working conditions for their employees
Labor unions
An empty tract where everything has been destroyed by war
No mans land
