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Who is the founder of capitalist theory?
Adam Smith
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What is one positive generalization and one negative generalization that can be made about socialism?
___________ governments provide many social services to their people. / __________ creates high taxes.
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How does the the term laissez-faire apply to capitalism?
... is French for “to let alone.” Under capitalism, the government is supposed to leave the economy alone.
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What was the first Communist nation?
The Soviet Union
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What are two ways that the U.S. government has acted to influence the economy and regulate markets?
by creating the Federal Reserve System to serve as the nation’s central bank and by creating the Consumer Product Safety Commission and the Food and Drug Administration to regulate markets
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What are the three basic economic questions that all countries must answer?
What should be produced? How should
it be produced? For whom should it be produced? |
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How does socialism differ from capitalism?
Under _______, the government controls most productive resources. Under ________, most productive resources are privately owned.
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What are the differences among traditional, market, command, and mixed economies?
_________—decisions based
on custom; __________—decisions made by individuals and businesses; ___________— government makes decisions; ___________— combines elements from multiple systems; |
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List two democracies that include strong socialist features in their economies.
United Kingdom, Mexico
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Compare and contrast
socialism and communism.
___________: government control of the economy; some private enterprise; ___________: total government control;
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