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