AP Econ Ch. 3 "Systems of Government"

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AP Econ Ch. 3 "Systems of Government"
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2010-02-28 04:08:17
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AP Econ Ch 3 \"Systems of Government\"
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AP Econ Ch. 3 "Systems of Government"
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  1. Communism
    • A system designed to minimize imbalance in wealth via the collective ownership of property.
    • Includes a lack of incentives, risk taking, and innovation.
    • Is an easily corruptable single-party system.
  2. Socialism
    • A system that attempts to distribute wealth fairly.
    • It has a pitfall of inadequate incentives.
    • Wages are determined through negociations between trade unions and managers.
    • It has more than one political party.
  3. Capitalism
    • A system where private individuals control the factors of production and operate them in the pursuit of profit.
    • Wages are determined by the negociations between managers and unions.
    • Supply and demand largely determine the allocation of scarce resources.
  4. Demand
    How much a person want to buy a good.
  5. Demand Curve
    A graph that displays the relationship between price and then quantity demanded of a good within a given period.
  6. Demand Schedule
    A chart/table that displays the relationship between price and the quantity demanded of a good within a given period.
  7. Law of Demand
    A law that states that as the price of a good rises, the quantity of that good demanded by consumers falls.
  8. Law of Diminished Marginal Utility
    A law that states that the satisfaction gained from additional units of a good consumed will decrease in a given period.

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