Pg. 8-27 Flashcards
What are political systems?
Democracy and dictatorship.
Political axis / ideologies
Extreme left: anarchism and communism
Left: socialism
Centre: liberalism
Right: conservatism
Extreme right: fascism
Economic systems
Left: Planned Economy
Centre: Mixed Economy
Right: Free Enterprise
What is planned economy? (Left)
Where the state controls all, NO supply and demand
What is mixed economy? (Centre)
Free enterprise > state
They work together to reach economic goals
What is Free Enterprise (right)
Private ownership is encouraged
Supply and demand determine how much is produced and who benefits
The laws of supply and demand are used to?
Find the price of a good.
Supply increases while demand remains stable
Surplus of good
Decrease in price
Supply decreases while demand is stable
Shortage of good
Price rises since it’s wanted
Demand increases while supply remains stable
Scarcity of wanted good
Increase in price
Demand decreases while supply remains stable
Surplus of good
Decrease in price
Name the 4 historical reference points.
- Domination of industrial societies
- world wars
- Cold War and third world
- the global village
The Cold War involved?
The US (capitalist) and the USSR (communist)
The Cold War between the us and USSR lead to
The arms race (nuclear) and the space race (moon)
Define power
The ability to influence or exert control
