Term
|
Definition
| An economic philosophy commonly held in Europe from the sixteenth to the eighteenth centuries that advocated the accumulation of gold & silver as national wealth. |
|
|
Term
| Favorable Balance of Trade |
|
Definition
| The condition experienced when a nation sells more goods abroad than it purchases from foreign nations. |
|
|
Term
|
Definition
| The idea that the government should generally leave the economy of a nation alone & allow the people to seek their own profit. |
|
|
Term
|
Definition
| An economic system in which private individuals own most of the factors of production & make most economic decisions. |
|
|
Term
|
Definition
| An economic system in which a central authority, committee, or the people commonly own the factors of production & make economic decisions. |
|
|
Term
|
Definition
| The most extreme form of capitalism in which private citizens own all factors of production & make all economic decisions. |
|
|
Term
| Classic Liberal Capitalism |
|
Definition
| The form of capitalism allowing the government only minimal ownership of resources & decision-making power. |
|
|
Term
|
Definition
| Needed goods that private firms cannot create at a profit. |
|
|
Term
|
Definition
| A form of capitalism in which the vast majority of the factors of production are owned by private citizens but the government intervenes widely in economic decisions to ensure that egalitarian goals are carried out. |
|
|
Term
|
Definition
| A nation under extreme state capitalism in which high taxes are used to provide wide social programs. |
|
|
Term
|
Definition
| A transitional economic system bridging the gap between capitalism & socialism with the predominant characteristic of the state's taking possession of those industries that are the cornerstones of the economy. |
|
|
Term
|
Definition
| The government's acquisition of the ownership of major industries. |
|
|
Term
|
Definition
| The government's selling of nationalized businesses back to private owners. |
|
|
Term
|
Definition
| A form of socialism in which the government is both the central owner & decision maker in all economic affairs of the state. |
|
|
Term
|
Definition
| Book written by Karl Marx advocating centralized socialism. |
|
|
Term
|
Definition
| In the economic sense, the most extreme form of socialism, in which all individuals voluntarily contribute their labor for the good of the society while taking from the economy only the goods & services that they truly need. |
|
|
