Chapter 2 Flashcards
_____ refers to a system that stresses the primary of collective goals over individual goals
Collectivism
We refer to political, economic and legal systems as the _______ economy of a country
Political
A group that believes socialism could be achieved thigh violent revolution and dictatorship is known as?
Communists
Modern ______ trade their beliefs to Karl Marx
Socialists
What country is the last major communist power left?
China
Social democracy has had its greatest influence were?
Australia, Britain France Eric
Experience has demonstrated that state ownership of the means of production
Leads to increased inefficiency, higher prices and higher taxes
What is individualism?
Political philosophy that an individual should have freedom over their economic and political pursuits
The Cold War was between what?
Collectivism and individualism
Which political system has the the government by the people?
Democracy
Which two political systems go hand in hand?
Democracy and individualism
In representative democracy if an elected person fails to perform duties well what will happen?
They will be voted out in the next election
Four major forms of totalitarianism are?
Communist, theocratic, trial and right wing
What are the three broad types of economic systems?
Market economy, command economy and mixed economy
What is influenced by the prevailing political system?
Economic systems
In pure _______ economy all businesses are owned by the government
Command
The ______ establishes a uniform set of rules for everyday commercial contracts between buyers and sellers
United Nations convention on contracts for the international sale of goods
If you invent a new product, to protect yourself with rights to the product you would apply for a ______ on the product
Patent
_______ are exclusive legal rights to authors and publishers to use their work as they see fit
Copyrights
Which industry suffers the most from intellectual property rights?
Music
What does PPP stand for?
Purchasing power parity
What is GNP being replaced with?
GNI
What is privitization?
The selling of state owned enterprises to private investors