economics - Isabela Kristine Tum Macro 11:30 am Homework 2 1 Graph Illustration using variables to show relationships between them Variable Any value on

economics - Isabela Kristine Tum Macro 11:30 am Homework 2...

This preview shows page 1 out of 1 page.

Isabela Kristine Tum Macro 11:30 am Homework 2 1. Graph - Illustration using variables to show relationships between them. Variable- Any value on a graph. Positive Relationship - 2 variables move upward, same direction . Negative Relationship - 2 variables move opposite directions, downward. 2. Communism - Public ownership of resources. Government owns all property. Everyone earns the same amount. Economic activity is controlled by central planning. Best example is North Korea. Socialism- Some free market but government has a big control over market system. They have strict regulations, a lot of social welfare, high taxes and limit on the use of private property. Examples are France, Italy, China, Norway, Finland, Sweden, Greece, and Russia. Mixed Economy- Government is involved but not as much as socialism. Lower taxes, less social program, more freedom in private property. Examples are Canada, US, Brazil, and Colombia. Capitalism- Laissez faire. Private ownership of resources. No government involvement, no social programs or laws for workplace. No place is truly capitalist but the closest is Hong Kong.
Image of page 1

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Ask Expert Tutors You can ask 0 bonus questions You can ask 0 questions (0 expire soon) You can ask 0 questions (will expire )
Answers in as fast as 15 minutes