Praxis II test 0014 social studies - economics
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| economic theories | anarchist, capitalism, communist, industrialism, laissez-faire, mercantilism, socialist
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| anarchist; anarchism | there is no established control or guidelines; self-regulated market with voluntary trade
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| capitalism | property is privately owned and goods are privately produced; mostly private owned for private
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| communist | endorses the establishment of society based on common ownership of the means of production
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| industrialism | uses large industries rather than agriculture or craftsmanship to create a system
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| laissez-faire | promotes private production to maintain freedom, security and property rights; strict free market, with absence of government involvement
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| mercantilism | defends that a nation must depend on its capital and that the world market is unchangeable
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| socialist; socialism | system of social control regarding property and income rather than individual control; cooperative and labor managed
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| budget | management of current money that requires choices and analysis of the situation
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| black economy | an unreported sector of the primary economic system in which transactions are handled in cash only
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| consumption | the use of resources
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| depression | a long period of financial and industrial decline
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| fiscal policy | a way to regulate the economic activity
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| inflation | increase in overall prices for products and services
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| microeconomics | how specific markets function involving consumers and businesses
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| macroeconomics | how the national economics function (income, consumption, and investment)
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| monetary policy | the way government controls the money supply, such as interest rates
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| recession | period of slow economic growth plagued with high unemployment and minimal spending
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| supply and demand | the amount of goods and services is directly related to the request for them 9when the request (demand) goes up, the amount (supply) must go up, and therefore, the price goes down)
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| value | the basis for economics and used to describe and measure what is occurring in the market
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| basic law of economics | supply and demand; individuals must often make choices based on the availability of the resources and their ability to obtain them
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| economic systems | Autarky economy (Closed economy), dual economy, gift economy, market economy, mixed economy, natural economy, open economy, planned economy, participatory economy, subsistence economy
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| Autarky economy (closed economy) | self-sufficient system that limits outside trade, relying on its own resources
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| dual economy | two systems (local needs and global needs) within one country, occurs mostly in underdeveloped countries
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| gift economy | believes that goods and services should be given without specific reason such as for generosity
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| market economy | functions through the exchange in the "free market". It is not designated or managed by a central authority, but through privately owned production, in which the revenue is distributed through the operation of markets
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| mixed economy | considered a compromise system, as it allows publicly and privately owned companies or businesses to operate simultaneously
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| natural economy | operates on a bartering or trade system rather than a monetary foundation for the exchange of goods and services
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| open economy | allows export and import from the global market
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| planned economy | (direct economy) - is designed and managed through a primary authority
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| participatory economy | guides the production, consumption and allocation of resources through participatory decision making of its society members
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| subsistence economy | is on in which the output of services and goods meets only the population consumption of the area and resources are renewed and reproduced
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| International Monetary Fund (IMF) | allocates short term credit to countries who need to pay off debt
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