Economics Ch 2 study
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| What type of economy stems from ritual, habit, or custom | Traditional economy
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| How do people in Traditional economy treat other families of the community | Treat them like their own, provide for them, teach them survival skills
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| What is an advantage of a Traditional economy | Everyone knows what role they play in the economy
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| What are some disadvantages of a Traditional economy | No change or progress, no new ideas
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| Who makes the major decisions of production in a Command economy | Central authority or government
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| What types of leaders can head up Command economy | Kings, presidents, dictators, tribal leaders
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| Characteristics of a Pure command economy | Government makes all decisions, for themselves, not the people
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| How Socialist and Pure command economy differ | Socialist have less government intervention, bit more freedom
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| Only example of a Pure command economy in our world | North Korea
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| Examples of Socialist economies | Cuba, Venezuela, Vietnam
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| Advantages of Command economy | Can change direction drastically, allows citizens receive services they couldn't afford
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| Disadvantages of Command economy | Leaders provide for themselves at expense of citizens, limit citizen freedom
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| Results of Command economy | High government officials rich, citizens poor. Workers focus on finishing quota not quality
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| What is important to remember in Command economies | There is no such thing as a free lunch
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| Market economies arranged and how decisions are made | Buyers & sellers interact to determine prices & quantities
Decisions made by people who make supply
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| Characteristics of Market economy | Freedom, right to private ownership of resources
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| 5 examples of advantages in Market economy | Individual freedom, gradually changes over time, small government interference, decision making is decentralized, and variety of goods & services that are produced
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| Major disadvantage of Market economy | Doesn't provide for everyone, high degree of uncertainty
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| What is Mixed economy and why exist | Combination of traditional, command, or market economy
Exists because nations tend to evolve over the years and it helps get rid of old policies that didn't work and allow them to add new ones
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| Who first outlined Communistic economics & what is the role of government | Karl Marx & Friedrich Engels, No government
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| Good example of Mixed Socialistic economy | China
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| Why might dictator choose to utilize characteristics of Market economy | Willing to take advantage of anything to make their lives better
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| Challenges citizens face in countries like Cuba while living in a Mixed socialistic economy | Hard time finding food, many shortages, constantly oppressed by government
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| President of Venezuela tried to make them a Command economy and why he fell short | Hugo Chavez, he died before he could
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| Examples of Mixed market economy | Sweden, Denmark, Germany, United States, Norway, France
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| Dramatic event in US caused leaders to create Socialistic programs | Great Depression
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| Disadvantages of Mixed market economy | Taxation and high cost of products
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| Which system has reached a dead end as an economic system | Pure command economy
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| Why central planning eventually failed in the Soviet union | Economy became too complex & large to be managed by a single planning bureaucracy. Shortages happened, people not getting paid for work
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| Which leader attempted the Great Leap Forward and what was the outcome | Mao Zedong. Failed
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| Latin American country once run by socialism and isolation now revolutionized by capitalism and changes they saw | Chile, industries started succeeding, became one of the strongest market economies in the region, started foreign trade
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| Solidarity defintion | Independent Polish labor union formed in 1980 by Lech Walesa - sometimes illegal
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| How South Korea become one of the most successful nations in Asia? What are they most known for in production today | Began world trade, focused on few industries, allowed people to gain experience and be skilled
Known for producing consumer & electronic goods
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| Reasons for Singapore's success | Focus on select industries, generous tax breaks attract people, employees trained by government-sponsors, attract multinational firms and scientists
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| Challenges Taiwan is facing today | Centralized planning process will hamper future economic growth & looming presence of the People's republic of china - regarded as renegade province
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| Led to defeat of Socialist party in sweden | Heavy tax burden, expensive social benefits, and massive government deficits
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