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Chapter Six: Economic Systems
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16
Economics
12th Grade
06/03/2014

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Term
Mercantilism
Definition
An economic philosophy commonly held in Europe from the sixteenth to the eighteenth centuries that advocated the accumulation of gold & silver as national wealth.
Term
Favorable Balance of Trade
Definition
The condition experienced when a nation sells more goods abroad than it purchases from foreign nations.
Term
Laissez Faire
Definition
The idea that the government should generally leave the economy of a nation alone & allow the people to seek their own profit.
Term
Capitalism
Definition
An economic system in which private individuals own most of the factors of production & make most economic decisions.
Term
Socialism
Definition
An economic system in which a central authority, committee, or the people commonly own the factors of production & make economic decisions.
Term
Radical Capitalism
Definition
The most extreme form of capitalism in which private citizens own all factors of production & make all economic decisions.
Term
Classic Liberal Capitalism
Definition
The form of capitalism allowing the government only minimal ownership of resources & decision-making power.
Term
Public Goods
Definition
Needed goods that private firms cannot create at a profit.
Term
State Capitalism
Definition
A form of capitalism in which the vast majority of the factors of production are owned by private citizens but the government intervenes widely in economic decisions to ensure that egalitarian goals are carried out.
Term
Welfare State
Definition
A nation under extreme state capitalism in which high taxes are used to provide wide social programs.
Term
Social Democracy
Definition
A transitional economic system bridging the gap between capitalism & socialism with the predominant characteristic of the state's taking possession of those industries that are the cornerstones of the economy.
Term
Nationalization
Definition
The government's acquisition of the ownership of major industries.
Term
Privitization
Definition
The government's selling of nationalized businesses back to private owners.
Term
Centralized Socialism
Definition
A form of socialism in which the government is both the central owner & decision maker in all economic affairs of the state.
Term
Communist Manifesto
Definition
Book written by Karl Marx advocating centralized socialism.
Term
Communism
Definition
In the economic sense, the most extreme form of socialism, in which all individuals voluntarily contribute their labor for the good of the society while taking from the economy only the goods & services that they truly need.
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