Enhance Your Learning with Economics - Socialism Flash Cards for quick understanding
The study of how societies allocate scarce resources to satisfy unlimited wants and needs.
An economic system characterized by government ownership and control of the means of production, with the aim of achieving social equality and collective well-being.
In socialism, the government has significant control over the economy, including ownership of key industries and regulation of economic activities.
A core principle of socialism, aiming to reduce income and wealth disparities among individuals and promote equal opportunities for all members of society.
The transfer of wealth, income, or resources from the rich to the poor or from the privileged to the disadvantaged, often through progressive taxation and social welfare programs.
Different ways in which societies organize and coordinate production, distribution, and consumption of goods and services, including capitalism, socialism, and mixed economies.
The ownership of resources, means of production, or property by the community or society as a whole, rather than by individuals or private entities.
A characteristic of socialist economies, where the government sets production targets, allocates resources, and coordinates economic activities to achieve specific social and economic goals.
The protection and promotion of the rights and interests of workers, including fair wages, safe working conditions, and the right to organize and bargain collectively.
A system in which the government provides social programs and assistance to ensure the well-being and basic needs of its citizens, such as healthcare, education, and unemployment benefits.
An economic system characterized by private ownership of resources and means of production, profit-driven markets, and competition, with limited government intervention.
The process of setting goals, making decisions, and allocating resources to achieve desired economic outcomes, often done by the government in socialist economies.
Various criticisms of socialism include inefficiency, lack of incentives, potential for government abuse of power, and limitations on individual freedoms and choices.
Examples of socialist countries or periods include the Soviet Union, China under Mao Zedong, Cuba under Fidel Castro, and the Nordic welfare states.
A comparison of the strengths, weaknesses, and differences between socialism and capitalism, including their impact on economic growth, income distribution, and individual freedoms.
Political and social movements advocating for socialist principles and policies, often aiming to address income inequality, worker exploitation, and social injustices.
The increase in the production of goods and services over time, often measured by changes in real GDP or per capita income, which can be influenced by socialist policies.
The development and application of new ideas, technologies, or methods that lead to improved products, processes, or services, which can be influenced by the incentives and structures of a socialist economy.
Different views and experiences of socialism across countries and regions, including variations in implementation, outcomes, and public opinion.
Debates and discussions on the relevance, viability, and potential future developments of socialist ideas and policies in the context of evolving economic, social, and political landscapes.