SOCIO221 - CH2 Politics & Economic Systems

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oathkeepr
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SOCIO221 - CH2 Politics & Economic Systems
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2013-10-16 13:16:48
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SOCIO221 chapter 2 notecards
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  1. Politics refers to...
    agreements in society over who has the right to exercise control over others, who can establish laws to regulate social life, and how conflicting interests in society will be resolved
  2. Politics determines...
    who gets what, when, and how through the three branches of government as the state
  3. An example of politics...
    Politics in the USA is based on democracy
  4. In the United States government, which of the three branches of government has the final say concerning conflicts?
    Judicial branch
  5. Economics refers to...
    the processes through which goods and services are produced and distributed
  6. Economics determines...
    who gets what, when, and how through the three branches of government as the state
  7. An example of economics...
    Economics in the USA is based upon capitalism
  8. What are the three types of economic systems?
    • Capitalism
    • Socialism
    • Mixed Economy
  9. Capitalism refers to...
    an economic system wherein the means of economic production and distribution are privately held
  10. The profit motive for capitalism is...
    the primary force guiding people's economic behavior.
  11. With capitalism there is free...
    competition among both producers and consumers of goods.
  12. Production in capitalism is based on...
    economic demand.
  13. The primary motivation for economic activity is for the capitalist...
    to make as much profit as possible even through split-labor markets and outsourcing.
  14. Examples of countries that use the capitalism system are...
    The USA, Greece, Germany, Nigeria, and the Philippines have economic systems based on capitalism.
  15. (1)_________ is really socialism. There has never been a country with a true (2)_________ economic system.
    • 1. Communism
    • 2. communist
  16. Socialism refers to...
    an economic system wherein the means of production and distribution are collectively held so that the goods and services that people need are provided and equitably distributed
  17. In socialism, goods and services are...
    produced because -- need them, irrespective of whether they can afford them.
  18. Production, in socialism, is based on...
    human need... macro (?)
  19. The primary motivation for economic activity, in socialism, is to...
    achieve collective goals such as a higher standard of living for all citizens
  20. Examples of countries that use the socialism system are...
    China, Russia, Cuba, Bulgaria, Angola, and Mozambique have economic systems based on socialism
  21. Mixed Economy refers to...
    an economic system wherein there are strong elements of both capitalism and socialism
  22. In a mixed economy, most industry is...
    privately owned and oriented toward profit making.
  23. In mixed economy, banks, railroads, the communications industry, the media, hospitals, and utilities are...
    state owned.
  24. What does it mean to be 'state owned'?
    The profits go back to the state
  25. In a mixed economy, it has strong regulation of...
    the private sector by the state.
  26. In a mixed economy, it has high...
    taxes and elaborate welfare system based onĀ achieving the national goal of a fair and equitable distribution of resources.
  27. In a mixed economy, it can be used to counter the social...
    inequality of capitalism and the economic inefficiency of socialism.
  28. Examples of countries that have a mixed economy are...
    Canada, England, Venezuela, Switzerland, Norway, Scandinavia, etc.
  29. England has had it's national health plan since what year?
    1911
  30. Market Economy refers to...
    any economic system based on the exchange of money for goods and services in the marketplace.
  31. An example of a market economy is...
    The capitalist economic system of the USA because the dollar (money) is exchanged for goods and services.
  32. Communism refers to...
    an economic system wherein all goods would be communally owned.
  33. What is meant by 'communally owned'?
    Owned by the people.
  34. In the communist economic system, people would not work for...
    wages, but rather give according to their abilities.
  35. In communism, there would be no scarcity of...
    goods and services, allowing people to receive whatever they needed.
  36. In communism, the state would be less...
    important and its role would dwindle.
  37. Which economic system does not exchange money for goods and services?
    communism
  38. An example of countries that use the communist system...
    • There has not been a country that has ever had communism as an economic system.
    • This includes the Union of Soviet Socialist Republic (USSR) and China because money is exchanged for goods and services.

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