IB 4 Flashcards
individualism
belief that individual rights and
responsibilities should be placed above the group’s welfare
collectivism
the relative importance of a group’s welfare over that of the individual
political system (+name 3)
structures, processes, and activities by which a nation governs itself
- anarchism: only individuals and private groups can preserve personal rights
- totalitarianism:
- imposed authority
- lack of constitutional guarantees
- restricted participation- theocracy: country’s religious leaders are also its political leaders
- theocratic totalitarianism: under the control of totalitarian religious leaders
- secular totalitarianism: totalitarian leaders maintain control through military and bureaucratic power (communism, socialism)
- pluralism: both private and public groups need to balance each other’s power
democracy (+representative (5 benefits))
government leaders are elected directly by the wide participation of the people or by their representatives
representative: citizens elect individuals from their groups to represent their political views
- freedom of expression
- periodic elections
- full civil and property rights
- minority rights
- nonpolitical bureaucracies
economic system
structure and processes that a country uses to allocate its resources and conduct its commercial activities
- tendency towards individualist or collectivist economic values
centrally planned economy (+ origins (3), decline (4))
the government owns a nation’s land, factories, and other economic resources
and plans nearly all economic activity
origins
- rooted in collectivism
- Karl Marx 19th c
- implemented in 20th c
decline (failure to)
- create economic value
- provide incentives
- achieve rapid growth
- satisfy consumer needs
state capitalism
the state plays the role of leading economic actor and uses markets primarily for political gain
mixed economy (3 characteristics)
land, factories, and other economic resources are rather equally split between private and government ownership
- low unemployment and poverty
- steady economic growth
- equitable distribution of wealth
market economy (3 features)
most of a nation’s land, factories, and other economic resources are privately
owned, by either individuals or businesses
- free choice
- free enterprise
- price flexibility
supply
quantity of a good or service that producers are willing to provide at a specific selling price
demand
quantity of a good or service that buyers are willing to purchase at a specific selling price
government’s role in MARKET economy (4)
- enforce antitrust laws (guarantee variety of products)
- preserve property rights
- provide fiscal and monetary stability
- preserve political stability
economic freedom
tend to have the highest standards of living, whereas those with the lowest freedom tend to have the lowest standards of living. But greater economic freedom does not guarantee a high per capita income.
legal system (3)
set of laws and regulations, how its laws are enacted and enforced, and how its courts hold parties accountable
- common law:
- tradition
- precedent
- usage
- civil law: based on a detailed set of written rules and statutes that constitute a legal code
- theocratic law: based on religion
intellectual property
results from people’s intellectual talent and abilities
cloud computing
delivery of computing services over the internet, or the cloud
industrial property (patent vs trademarks vs copyright)
patent: a product or process that excludes others from making, using, or
selling the invention
trademark: in the form of words or symbols that distinguish a product and its manufacturer
copyright: giving creators of an original work the freedom to publish or dispose of it as they choose
value added tax
tax levied on each party that adds value to a product throughout its production and distribution
