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Economic System
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Econ Ch 3
| Question | Answer |
|---|---|
| Economic System | System of rules, laws, methods put in place by society to answer the fundamental questions (what, how, whom to produce) |
| Government method | Decision making unit that has right to force or use involuntarily means in interactions with society |
| Market method | Collection of all buyers/sellers of a good who voluntary interact |
| Socialism | Econ. system based on gov, public ownership, or control of the factors of production (capitalism) |
| Capitalism | Econ. system based on private ownership of factors of production (free market) |
| Mixed economy | Blends elements of both socialism/capitalism |
| Private property/ownership of property/FOP consist of: | Right of control and exclusive rule, right to acquire or transfer property, right of restriction for damages to one's property |
| Property | External things subject to ownership (cars/stocks) |
| Natural rights | Exists by natural law, states cannot touch |
| Natural Law | belief that rights inherent in human nature and discoverable w/o revelation |
| John Locke | Everyone owns themself by natural right |
| Property rights derive from? | Self ownership |
| Original acquistion | Mixing labor with unowned property makes it yours |
| Voluntary transfer | How to acquire property not through original acquisition but through voluntary methods |
| Social justice and equality | Belief in equality of humans, if unequal, there's a social wrong |
| Theory of exploition | Diff. between rich/poor is due to capitalist exploition of working class |
| Equality | Two competing meaning in social discourse (leads to competing views in society) |
| Equality of results or condition (equality before the law) | All are entitled to equal rights, does not require material equity |
| Positive rights | Oblige action, rights a person has to certain amounts of goods, others must provide for you as their duty |
| Negative rights | Oblige interaction, rights to be free from external intervention, can't force anyone to share, must interact on voluntary basis, others owe you duty of non interference |
| Gov should enforce...? | Contracts equally |
| Exploition | One treats another unfairly to benefit oneself |
| How do capitalists feel about marx's assertion? | Reject it |
| Marx's view | Capitalists exploit workers, parasitic, takes and gives nothing |
| Capitalist's view | Symbiotic |
| Expropriations | Also nationalization, gov takes property w/o compensation |
| Collectivized Property | Seized Property |
| Welfare State | Gov provides goods/services to pop. |
| Redistribution of income | Through gov programs/taxation |
| Regulation | Gov makes rules for private sector to follow |
| How is econonmic freedom measured? | Index, gov spending percentage of GDP |
| Index | Measures specific functions |
Created by:
MikalahQuillen
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