This is a review over chapter 6 in the Third edition economics textbook
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| Mercantilism | Promoted the acquisition of precious metals, not as the means to an end but as the end itself.
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| Five-point program associated with Mercantilism: | Exploration; trade; Domestic manufacturing; Colonization; Alliances
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| Exploration associated with Mercantilism | Discovere and swize new sources of gold and silver by sending explorers abroad to plunder less-developed civilizations and by supporting privateers to steal from neighboring nations.
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| Trade trade associated with mercantilism | Increase exportation of goods and services while decreasing importation of foreign goods; Strived for a favorable balance in trade.
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| Favorable balance in trade: | When a nation sells more goods than it buys.
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| Domestic manufacturing Associated with mercantilism. | Mercantilists considered the manufacture of goods for the nation's people to be of secondary important, because selling goods to its own citizens did not increase a nation's stockpile of goods.
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| Colonization associated with Mercantilism: | Encouraged the colonization of new teritories to acquire new supplies of the factors of production that would then be used to produce goods that other nations could not produce.
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| Alliances associated with Mercantilism: | Arranged all foreign relationships in a way that minimized competition.
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| What was the lengthy book written by Adam Smith | "An inquiry into the Nature and Causes of the Wealth of Nations"
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| What was the root problem associated with Mercantilism? | The misconception that money is wealth.
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| laissez Fair | "let alone"
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| A classic work written by Adam Smith | "The Wealth of Nations"
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| Two questions answered by people to determine weather a nation is more capitalist or socialist: | Who owns the nation's factors of production?
Who answers the three economic questions?
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| What are the major forms of capitalism and socialism | Communism and Radical capitalism
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| Radical capitalism | Capitalism in its most extreme form and exists only as an economic theory. For such country to exist pricat citizens would own all the factors of production.
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| Classical liberal capitalism | The form of capitalism that accepts the existence of government but allows it only minimal ownership of resources and decision making power to perform its responsibilities.
(Form of capitalism in the writings of Adam Smith)
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| Public goods | Goods that benefit nearly the entire nation.
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| State capitalism | Private citizens own the vast majority of natural resources, financial capital, and labor, nut the government freely intervenes in the decision-making process to carry out its economic and social goals.
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| Welfare state | A state in which taxes are very high, and funds are redistributed in such a way that the government claims to care for its citizens form the cradle to the grave.
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| Social Democracy | A traditional economic system bridging the gap between capitalism and socialism
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| Nationalization | When a nation's government assumes the ownership of companies on a very large scale.
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| Privatization | when a govnerment decides to sell its nationalized businesses back to private stockholders.
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| Centralized socialism | Maintains that the sensational government should be both the central owner and the decision maker in all economic affairs of the state.
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| Communism | A socialism in its most extreme form.
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