Module 2 Flashcards
a term that stresses that the political, economic, and legal systems of a country are interdependent; they interact and influence each other, and in doing so they affect the level of economic well-being
political economy
the system of government in a nation
political system
stresses the primacy of collective goals over individual goals- traced to Greek philosopher Plato
collectivism
socialism can only be achieved through violent revolution and totalitarian dictatorship
communism
socialisms is achieved through democratic means
social democrats
refers to the philosophy that an individual should have freedom in his economic and political pursuits traced to Aristotle
individualism
a political system in which government is set/decided by the people, exercised either directly or through elected representatives
democracy
form of government in which one person or political party exercises absolute control over all spheres of human life and prohibits opposing political parties
totalitarianism
found in states where the communist monopolizes power
communist totalitarianism
found in states where political power is fueled by religious principles
theocratic totalitarinism
particular tribes fuel political powers
tribal totalitrianism
permits some individual freedom but restricts individual people
right-wing totalitarianism
political ideology linked to economic systems
market economies
command economies
mixed economies
state-directed economy
all productive activities are privately owned and production is determined by interaction of supply and demand
market economies
government plans the goods and services that a country produces, quantity that is produced and the prices at which they are sold at
command economies
the legal rights over the use to which a resource is put and over the use made of any income that may be derived from that resource can be violated through:
-private action: theft, piracy
-public action: excessive taxation, bribes or blackmail
property rights
making it illegal for US companies to bribe foreign government officials to obtain or maintain business over which that foreign officials have authority
foreign corrupt practices act
property that is produced of intellectual activity “protected through”
intellectual property
exclusive rights to the property for a defined period of time
patents
exclusive legal rights of authors to publish and disperse their products
copyright
design nd names by which merchants designate their work
trademarks
set certain standards to which a product must adhere
product safety laws
involves holding a firm and its officers responsible when a product cause injury/harm
product liability
refers to its political, economic, and legal systems
political economy
