________ own the means of production however they must abide by laws which protect the population and ensure that the government can collect taxes.
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Fiat money
________ caused coins made of precious metals to disappear from circulation.
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fast communications
Interconnected global village- that is, worlds nations are linked by ________, transportation, and trade.
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John Rockefeller
________: achieved the capitalist's dream, a monopoly, the control of an entire industry by a single company.
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GDP
________: gross domestic product, the total goods and services that a country produces.
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E cash
________: money stored on a companys computer that can be transferred over the internet to anyone who has an account with that company.
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Debit cards
________: a device that electronically withdraws the cost of an item from the card holders bank account.
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capitalist economy
In a(n) ________, the market forces supply and demand which determines what will be produced and price changes.
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socialist economy
In a(n) ________, the government owns the means of production (not just factories- but land, railroads, oil wells, and gold mines.
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Central planning
________: central committees plan production and set prices with no competition.
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Gold standard
________: Gold was replaced by paper currency Fiat money: is a currency issues by a government that is not backed by stored value → with no stored value, dollars can be printed in any amount a government desires.
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Socialism
________: an economic system built around the public ownership of the means of production, central planning, and the distribution of goods without a profit motive.
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Biotech Societies
________: the merger of biology and economics.
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Pure capitalism laissez faire capitalism hands off
________, "means that government doesn't interfere in the market.
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Capitalism
________: An economic system built around the private ownership of the means of production, the pursuit of profit, and market competition.
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Biotech Societies
the merger of biology and economics
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Mediums of Exchange
The Earliest medium of exchange is recorded with hunting and gathering societies, pastoral, and horticultural societies as they produced little surplus, people bartered and directly exchanged one item for another
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GDP
gross domestic product, the total goods and services that a country produces
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Credit cards
a device that allows someone who has approved a specific amount of credit to purchase goods without an immediate exchange of money
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Debit cards
a device that electronically withdraws the cost of an item from the card holders bank account
New cards
21
E-cash
money stored on a companys computer that can be transferred over the internet to anyone who has an account with that company
New cards
22
Capitalism
An economic system built around the private ownership of the means of production, the pursuit of profit, and market competition
New cards
23
John Rockefeller
achieved the capitalist's dream, a monopoly, the control of an entire industry by a single company
New cards
24
Socialism
an economic system built around the public ownership of the means of production, central planning, and the distribution of goods without a profit motive
New cards
25
Central planning
central committees plan production and set prices with no competition
Studied by 3 people
