Definitions of Key Words Flashcards
What is Capitalism?
An economic system where businesses are controlled by private ownership and for profit
What is democracy?
A political system where people are able to choose their leaders in a public vote
What does the term ‘closed shop’ mean?
Where everyone who works there is in a trade union
What is an entrepreneur?
Someone who takes risks to start up a business
What is an artisan?
A skilled tradesman/woman, often making something by hand
What is a ‘knobstick’?
A strike breaker
What does the term ‘picketing’ mean?
To encourage workers not to work and join a strike action
What is a dividend?
Sum paid annually to a shareholder
What does the term ‘mutualism mean?
Groups/people getting together to help each other
What is co-operative economics?
Common economic, social, and cultural needs and aspirations through a jointly owned and democratically-controlled enterprise
What are laissez faire economics?
Government not intervening in markets or the economy
What is the difference between Parliament and Government?
Government runs the country, Parliament passes the legislation
What is hunger politics?
Political demands brought about by harsh economic conditions
What is a constitution?
A set of rules and rights to run a country
What is patronage?
Using influence or money to sponsor an individual within the political system