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Flashcards in Fill in The Blank Deck (30)
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1
Q

_____ is socialism in its most extreme form.

A

Communism

2
Q

______ _______ maintains that the national government should be the central owner and central decision maker in all economic affairs of the state.

A

Centralized Socialism

3
Q

A nation under extreme state capitalism is known as a ______ _____.

A

Welfare State

4
Q

_____ _______ is capitalism in its most extreme form and really only exists as an economic theory.

A

Radical capitalism

5
Q

When a nation sells more goods that it purchased from them, it enjoys a ________ _______ __ _____.

A

favorable balance of trade

6
Q

Under ______ ________, private citizens own the vast majority of the natural resources, financial capital, and labor, but the government freely intervenes in economic decision-making.

A

state capitalism

7
Q

In his, _________ __________, Marx argued that any arrangement of the tools of production short of total state ownership would be counterproductive

A

Communist Manifesto

8
Q

_______ _______ ________ is the form of capitalism that arose from the writing of Adam Smith.

A

Classic liberal capitalism

9
Q

______ _____ are goods and service that benefit all or nearly all of the nation’s people

A

Public goods

10
Q

______ ________ is a transitional economic system, bridging the gap between capitalism and socialism.

A

Social democracy

11
Q

A person becomes the owner of a part of a corporation by buying shares of its _____.

A

stock

12
Q

Private citizens are the owners of ______ ________.

A

private corporations

13
Q

A _____ _____ invests money in the business and has the right to inspect the books and share the profits of the firm

A

limited partner

14
Q

A ____ ___________ is a business firm with one owner

A

sole proprietorship

15
Q

A ________ is a separate entity and recognized by law

A

corporation

16
Q

The ________ and ________ _________was founded by the government in 1934 help ensure that corporations provide accurate and current information to the public about their financial.

A

Securities, Exchange Commission

17
Q

Those who buy and sell stocks for the purpose of taking advantage of short-term price changes are engaging in a practice that market analysts call __________.

A

speculation

18
Q

In 1896, Charles Dow, one of the founders of the Wall Street Journal, developed the most well-known stock index, the ____.

A

DJIA

19
Q

One of the most well-known stock markets is called the ___ ____ _____ _______.

A

New York Stock Exchange

20
Q

Stockbrokers work for a fee called _________.

A

commission

21
Q

The word _______ refers to the arrangements that people have developed for trading with one another, and competition is struggle each firm experiences as it seeks to survive and then thrive within those arrangements.

A

market

22
Q

____________ _______ are visibly different from one firm to another

A

Differentiated Products

23
Q

_______ _______ ___ ______occurs when firms already in the industry own all a vital natural resource that a new firm would need to enter the market.

A

Natural Barrier to Entry

24
Q

The word ________ literally means “selling to a few”

A

oligopoly

25
Q

A _______ is a form of market organization in which there is only one supplier in the industry.

A

monopoly

26
Q

______ is anything that a society commonly uses and generally accepted in payment for goods and services

A

Money

27
Q

______ is the exchange of one person’s goods or services for another’s

A

Barter

28
Q

A ________ _____system is one in which she single commonly used good becomes the economy’s medium of exchange

A

commodity money

29
Q

____ _____ does not have gold or something of substantive value backing it

A

Fiat Money

30
Q

For a bank to open its doors, it must first receive an authorization to exist or a _______.

A

charter