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five problems of a centrally planned economy
poor quality, shortages of goods/services, diminishing production, performance falls, cannot meet consumer wants and needs
what is an input?
factors of production
what is an output?
a product
what is another term for āmicroā?
small
what is another word for ālargeā?
macro
what protects your property?
5th amendment
what is karl marx known for?
communism and marxism
what do consumers look for?
lower prices
what is a factor market?
interaction between firms and households
in the business world, who owns private property?
companies
define household
individuals or groups of people living in the same residence who own factors of productions
what is the motivating force behind free market?
self-interest
what is meant by transaction?
when a nation moves from one economical system to another
what economic system is used to start industries and guarantees jobs?
centrally planned economy
what is the market economy based on?
individual choices and not government directives
free market is the foundation of?
US economy
knowing the best way to produce a product is?
efficiency
ālet them do as they pleaseā
laissez-faire
to change from government/public to private
privatize
what is authoritarian?
strict obedience to authority, such as a dictator
Note 
Flashcard (52)