Economic Systems and Globalization Flashcard

Front

The United States runs on capitalism, which can also be called __________________________.

Back

Free Enterprise

Front

A(n) __________________________ is defined by how a society answers the three basic economic questions.

Back

Economic System

Front

An economic system that is based on customs, skills, and cultural beliefs is called a(n) __________________________ economy.

Back

Traditional

Front

Who wrote The Wealth of Nations and believed that self-interest causes people to work hard and take risks, which benefits society?

Back

Adam Smith

Front

When individuals, businesses, and governments in any part of the world are affected by events elsewhere in the world, it is called __________________________.

Back

Globalization

Front

__________________________ refers to any work done for a company by people other than the company’s employees.

Back

Outsourcing

Front

Work done for a company by people who live in other countries is called __________________________.

Back

Offshoring

Front

Resources are owned and controlled by private individuals in what type of economic system?

Back

Free enterprise or Market economy

Front

Income distribution refers to

Back

The way all of a country’s income is divided among groups of earners

Front

In a socialist economic system, the government

Back

Owns and controls most of the resources