Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Econ Ch 3
| Question | Answer |
|---|---|
| Economic System | System of rules, laws, methods put in place by society to answer the fundamental questions (what, how, whom to produce) |
| Government method | Decision making unit that has right to force or use involuntarily means in interactions with society |
| Market method | Collection of all buyers/sellers of a good who voluntary interact |
| Socialism | Econ. system based on gov, public ownership, or control of the factors of production (capitalism) |
| Capitalism | Econ. system based on private ownership of factors of production (free market) |
| Mixed economy | Blends elements of both socialism/capitalism |
| Private property/ownership of property/FOP consist of: | Right of control and exclusive rule, right to acquire or transfer property, right of restriction for damages to one's property |
| Property | External things subject to ownership (cars/stocks) |
| Natural rights | Exists by natural law, states cannot touch |
| Natural Law | belief that rights inherent in human nature and discoverable w/o revelation |
| John Locke | Everyone owns themself by natural right |
| Property rights derive from? | Self ownership |
| Original acquistion | Mixing labor with unowned property makes it yours |
| Voluntary transfer | How to acquire property not through original acquisition but through voluntary methods |
| Social justice and equality | Belief in equality of humans, if unequal, there's a social wrong |
| Theory of exploition | Diff. between rich/poor is due to capitalist exploition of working class |
| Equality | Two competing meaning in social discourse (leads to competing views in society) |
| Equality of results or condition (equality before the law) | All are entitled to equal rights, does not require material equity |
| Positive rights | Oblige action, rights a person has to certain amounts of goods, others must provide for you as their duty |
| Negative rights | Oblige interaction, rights to be free from external intervention, can't force anyone to share, must interact on voluntary basis, others owe you duty of non interference |
| Gov should enforce...? | Contracts equally |
| Exploition | One treats another unfairly to benefit oneself |
| How do capitalists feel about marx's assertion? | Reject it |
| Marx's view | Capitalists exploit workers, parasitic, takes and gives nothing |
| Capitalist's view | Symbiotic |
| Expropriations | Also nationalization, gov takes property w/o compensation |
| Collectivized Property | Seized Property |
| Welfare State | Gov provides goods/services to pop. |
| Redistribution of income | Through gov programs/taxation |
| Regulation | Gov makes rules for private sector to follow |
| How is econonmic freedom measured? | Index, gov spending percentage of GDP |
| Index | Measures specific functions |
Created by:
MikalahQuillen
Popular Economics sets