_____ is socialism in its most extreme form.
Communism
______ _______ maintains that the national government should be the central owner and central decision maker in all economic affairs of the state.
Centralized Socialism
A nation under extreme state capitalism is known as a ______ _____.
Welfare State
_____ _______ is capitalism in its most extreme form and really only exists as an economic theory.
Radical capitalism
When a nation sells more goods that it purchased from them, it enjoys a ________ _______ __ _____.
favorable balance of trade
Under ______ ________, private citizens own the vast majority of the natural resources, financial capital, and labor, but the government freely intervenes in economic decision-making.
state capitalism
In his, _________ __________, Marx argued that any arrangement of the tools of production short of total state ownership would be counterproductive
Communist Manifesto
_______ _______ ________ is the form of capitalism that arose from the writing of Adam Smith.
Classic liberal capitalism
______ _____ are goods and service that benefit all or nearly all of the nation’s people
Public goods
______ ________ is a transitional economic system, bridging the gap between capitalism and socialism.
Social democracy
A person becomes the owner of a part of a corporation by buying shares of its _____.
stock
Private citizens are the owners of ______ ________.
private corporations
A _____ _____ invests money in the business and has the right to inspect the books and share the profits of the firm
limited partner
A ____ ___________ is a business firm with one owner
sole proprietorship
A ________ is a separate entity and recognized by law
corporation
The ________ and ________ _________was founded by the government in 1934 help ensure that corporations provide accurate and current information to the public about their financial.
Securities, Exchange Commission
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 __________.
speculation
In 1896, Charles Dow, one of the founders of the Wall Street Journal, developed the most well-known stock index, the ____.
DJIA
One of the most well-known stock markets is called the ___ ____ _____ _______.
New York Stock Exchange
Stockbrokers work for a fee called _________.
commission
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.
market
____________ _______ are visibly different from one firm to another
Differentiated Products
_______ _______ ___ ______occurs when firms already in the industry own all a vital natural resource that a new firm would need to enter the market.
Natural Barrier to Entry
The word ________ literally means “selling to a few”
oligopoly
A _______ is a form of market organization in which there is only one supplier in the industry.
monopoly
______ is anything that a society commonly uses and generally accepted in payment for goods and services
Money
______ is the exchange of one person’s goods or services for another’s
Barter
A ________ _____system is one in which she single commonly used good becomes the economy’s medium of exchange
commodity money
____ _____ does not have gold or something of substantive value backing it
Fiat Money
For a bank to open its doors, it must first receive an authorization to exist or a _______.
charter