what is the difference between wartime and peacetime economy quizlet?
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What is the difference between wartime and peacetime economy? In the former much money must be allocated to the war effort, whereas in the latter the defense budget can signficantly decrease.
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A traditional economy is one where the production and distribution of goods is based on custom and cultural traditions. A command economy is one where the means of production are owned collectively, and decisions about what to produce and how goods are distributed are made by a centralized authority.
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In a command economy, macroeconomic and political considerations determine resource allocation, whereas, in a market economy, the profits and losses of individuals and firms determine resource allocation. Command economies are concerned with providing basic necessities and opportunities to all members.
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Key Takeaways. Market economies utilize private ownership of the means of production and voluntary exchanges/contracts. In a command economy, governments own the factors of production such as land, capital, and resources. In reality, all economies blend aspects of the two.
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Today, the term "economics" usually refers to the narrow study of the economy absent other political and social considerations while the term "political economy" represents a distinct and competing approach. Political economy, where it is not used as a synonym for economics, may refer to very different things.
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In a Keynesian sense, savings is whatever is left over after income is spent on consumption of goods and services, investment is what is spent on goods and services that are not 'consumed', but are durable.
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Planned economies contrast with command economies. A planned economy is "an economic system in which the government controls and regulates production, distribution, prices, etc." whereas a command economy necessarily has substantial public ownership of industry while also having this type of regulation.
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Basically, the difference between civil war and world war is the boundary within which the war takes place. ... In contrast, world war is a conflict between several nations. Civil wars do not go beyond the territory of the particular country but, in world wars, any part of the world may be affected.
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One of the major differences between capitalism and communism is with regard to the resources or the means of production. In Communism, the community or society solely owns the resources or the means of production. ... While capitalism is a self regulated economic system, communism is a government run economy.
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Most economies in the world are mixed economies. The majority of those are mostly capitalistic with market features. ... In communism, there is no government, since all members of society contribute to the common good, but a command economy relies on government.
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Generally, a mixed economic system includes a public and private sector. There is limited government regulation in a mixed economy, while there is heavy government regulation and control in a command economy.
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In a capitalist economy, production is determined by free market forces such as supply and demand. In a communist economy, the government determines which goods and services get produced and how much is available at any given time.
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At the most basic level, the economy is the production and consumption of goods and services. It encompasses all individuals, companies, and the government. The stock market however is an exchange where the buying, selling and issuance of shares in publicly held companies takes place.
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Basically, economics is the study of an economy, i.e. its structure, condition, working, performance, issues, remedies, etc. ... On the other hand, an economy indicates a region, a particular area or country, concerning production, distribution, consumption, and exchange of goods and services, and supply of money.
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A command economy is one where the government makes most economic decisions, such as what will be produced, how it will be produced, and for whom it is produced. North Korea and Cuba are examples.
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Market economies utilize private ownership of the means of production and voluntary exchanges/contracts. In a command economy, governments own the factors of production such as land, capital, and resources. In reality, all economies blend aspects of the two.
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Key Takeaways. The government has control over a command or planned economy. In mixed economies, the government has some control, while the rest is up to supply and demand. Command economies are characterized by large surpluses and shortages, monopolies, and prices set by the government.