Liberalism

Question 1

define individualism

Answer 1

placing the rights of the individual over the rights of the group in society

Question 2

define freedom

Answer 2

the ability and right to make choices for oneself without restriction

Question 3

define egotistical individualism

Answer 3

putting your own needs and desires ahead of others

Question 4

define meritocracy

Answer 4

the idea that anybody in society should be able to succeed based on ability, regardless of other factors, such as inherited wealth or family

Question 5

define Keynesian economics

Answer 5

an economic theory that rejects the laissez faire idea that markets can naturally correct themselves and therefore government intervention is needed to stimulate the economy by manipulating demand creating equal opportunity as an enabling state

Question 6

what are the two types of equality?

Answer 6

foundational equality and formal equality

Question 7

what is laissez-faire capitalism?

Answer 7

promotes the idea that people seeking their own profit will benefit all in society and market powers will lead to the efficient distribution of resources

Question 8

what is the social contract

Answer 8

the idea that people gain rights, freedoms and equality and in exchange accept government and the rule of law. government by consent through votes