Chapter 23 review

An economic and political philosophy based on the idea that the benefits of economic activity, wealth should be equitably distributed throughout a society.

• Communism

• Socialism

• Capitalism

Often called a collectivist ideology, which calls for the collective, or state, ownership of land and other productive property.

• Communism

• Socialism

• Capitalism

All the human made resources that are used to produce goods and services.

• Capitalist

• Commune

• Capital

• Market Economy

Government bureaucrats plan how an economy will develop over a period of years. 

• Trust

• Great leap forward

• Five-year plan

• Centrally Planned Economy

 An economic system characterized by private or corporate ownership of capital goods (physical capital) and investments that are determined by private decision rather than state control.

• Free Enterprise system

• Market Economy

• Centrally Planned Economy

• Collectivization

May be voluntary in theory, but in many countries peasant farmers have been coerced into giving up land.

• Laws of supply and demand

• Commune

• Collectivization

• Privatization

The process of returning a nationalized enterprise to private ownership.

• Privatization

• Collectivization

• Trust

• Capital

An individual with the drive and ambition to combine land, labor, and capital resources to produce goods or offer services.

• Bourgeoisie

• Entrepreneur

• Capitalist

• Proletariat

 holds that the government should play a very limited, hands off role in society.

• Laissez Faire Theory

• Karl Marx's Theory

Certain resources are necessary to any nation’s economy, no matter what economic system it follows. Used for basic goods and services.

• Centrally planned Economy

• Market Economy

• Monopoly

• Factors of Production