Exam 1 Flashcards
Government
A system for exercising authority over a body of people
The government has what?
A monopoly of the legitimate use of physical force
Physical Force Power of Government?
Eminent domain, taxes, inmate labor, death penalty
What is eminent domain?
5th amendment, the government wherever your property is can take it as long as they fairly pay you
Physical force by taxes
Government garnishes your checks if you owe someone
Physical force by Inmate Labor
Can force inmates to do community service
Physical force by death penalty
The government can provide the death penalty to anyone who committed a crime they feel were too extreme
Republic
A group of people within the state who have the ultimate authority to act on behalf of the state
What do people in a republic choose to do?
Security, public education, social security, disability, k-12 public schools, public parks
Why has every human society for which we have records adopted a system for exercising collective authority?
Mutual benefits
What are mutual benefits?
When both parties gain or profit from an agreement or exchange
What are some examples of mutual benefits?
Mutual defense against outside enemies, peace and safety within our group, active trade, care of children and perpetuation of our people and customs, whatever we decide our values are
Who is Adam Smith?
The father of Laissez-Faire Economics- states the government has the duty of protecting the society from violence and invasion of other independent societies
Why do we have a big modern government ?
Policing, soldiering, k-12 schools, colleges and universities, sewer and water systems, parks, roads and bridges, science and research incentives, income support for retirees, health expense support
What is market failure?
A situation in which the competitive structures of a capitalist (free-market) economy fail to provide a community deemed worthy by the public
What are the four types of market failures?
Monopolies, unprovided public goods, externalities/spillover effects, and asymmetric info
What is a monopoly?
The exclusive possession/control of the supply of or trade in a commodity or service(sole seller of its product)
Unregulated monopoly?
Has market power and can influences prices (example. amazon)
Unprovided public goods?
When a particular good is under supplied by the market (ex. Baby formula, insulin)
Externalities/spillover effects?
When the private market of an individual spillover/have consequences for another individual (Ex: vaccinations-if you choose not to get them it could have negative effects on others)
What is asymmetric info?
When the sellers has more info than the consumer (ex: side effects from medicine)
What are our values?
Freedom, Order, and Equality
What does the government do?
Make public policies
What are public policies?
The tools governments use to achieve the goals/values the society has deemed are important
Good government?
Government by ONE monarchy, government by FEW Aristocracy, government by the MANY democracy (what we live in)
Bad Governments?
Tyranny, Authoritarianism, mobocracy
Monarchy
Government with one single ruler
What is Aristocracy?
Ruling of an elite/wealthy person
What is oligarchy?
Ruling by a few powerful people
What is tyranny?
Cruel government
What is Authoritarianism?
Government demanding people obey without any freedoms
What is totalitarianism?
Government that wants power over everything not just political power
What is Mobocracy?
Mob rule
How to prevent a democracy from becoming a mob
Inoculation