Chapter 14-Economy & Politics

Question 1

Economy

Answer 1

Social institution dedicated to production, distribution, and consumption of goods and services, depend on it to coordinate and provide for our wants and needs, reflects and reinforces core values, not static

Question 2

Types of economic systems

Answer 2

Capitalism
Laissez-faire

Question 3

Capitalism

Answer 3

Economic system in which owners of private property compete in the marketplace in pursuit of profits

Question 4

Laissez-faire

Answer 4

Allow everyone to compete freely in capitalist marketplace without governmental interaction

Question 5

Monopolies

Answer 5

Some aspect of the market become controlled by a single business

Question 6

Socialism

Answer 6

Production and distribution in a society are collectively owned

Question 7

Mixed economies

Answer 7

Combines elements of both capitalism and socialism

Question 8

Primary sector

Answer 8

Involves extraction of natural resources from environment

Question 9

Secondary sector

Answer 9

Activities that transform raw/intermediate materials into finished products

Question 10

Tertiary sector

Answer 10

Activities that provide services rather than goods

Question 11

Deindustrialization

Answer 11

Systematic and widespread reduction of investments in domestic manufacturing and material production

Question 12

Downsizing

Answer 12

Organizational restricting to reduce size of companies workforce

Question 13

Offshoring

Answer 13

Outsourcing of work to foreign contractors

Question 14

Politics

Answer 14

Completion between individuals/groups over the allocation of valued resources

Question 15

Polity

Answer 15

Social institution founded on a recognized set of producers for implementing and achieving society’s goals

Question 16

Monarchy

Answer 16

Government headed by a single member of royal family

Question 17

Oligarchy

Answer 17

Few individuals rule

Question 18

Dictatorship

Answer 18

Government where one person has nearly total power and enforce laws

Question 19

Totalitarianism

Answer 19

Virtually complete government control and surveillance over all aspects of a society’s social and political life

Question 20

Democracy

Answer 20

Government by the people

Question 21

Representative democracy

Answer 21

Citizens elect political leaders to make decisions on behalf of the people

Question 22

Power

Answer 22

Ability to exercise ones will over others, even if they resisted

Question 23

Sources of power in political system

Answer 23

Force
Authority

Question 24

Force

Answer 24

Actual/threatened use of coercion to impose one will on another

Question 25

Authority

Answer 25

Power that is recognized as legitimate by the people whom its exercised

Question 26

Weber’s classification system for authority

Answer 26

Traditional Rational-legal Charismatic

Question 27

Traditional authority

Answer 27

Custom and accepted practices

Question 28

Rational-legal authority

Answer 28

Power based on formally agreed upon and accepted rules, principles, and procedures of conduct

Question 29

Charismatic authority

Answer 29

Power made legitimate by a leaders exceptional personal/emotional appeal to their followers

Question 30

Pluralist model

Answer 30

Holds many competing groups within community have access to government, large number of people can participate in or influence governmental interests

Question 31

Elite model

Answer 31

Karl Marx believed society is rules by small group of individuals who share common set of political and economic interests

Question 32

Power elite

Answer 32

Small group of military, industrial, governed leaders who control the fate of the country

Question 33

War

Answer 33

Conflict between organizations that posses trained combat forces equipped with deadly weapons

Question 34

Terrorism

Answer 34

Use/threat of violence against random/symbolic targets in pursuit of political aims

Question 35

Peace

Answer 35

Both absence of war and proactive effort to develop cooperative relations among nations

Question 36

Presumptions on why socialism would succeed capitalism

Answer 36

Humans must produce Production makes us human Pour ourselves into our products Economy determines society Scarcity and distribution are obstacles to good of society