Leach Soc Chapter 13 Word Scramble
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Question | Answer |
economic institution | system of roles and norms that governs the production, distribution and consumption of goods and services |
factors of production | resources that can be used to produce and distribute goods and services |
primary sector | sector of the economy that deals with the extraction of raw materials from the environment |
secondary sector | sector of the economy that concentrates on the use of raw materials to manufacture goods |
tertiary sector | sector of the economy that concentrates on the provision of services |
capitalism | economic model in which the factors of production are owned by individuals and that is regulated by the forces of profit and competition |
socialism | economic model in which the factors of production are owned by the government, which regulates all economic activity |
law of supply | principle that states that producers will supply more products when they can charge higher prices and fewer products when they must charge lower prices |
law of demand | principle that states that the demand for a product increases as the price of the product decreases and demand decreases as price increases |
laissez-faire capitalism | pure form of capitalism in which the government does not interfere in the economy |
free-enterprise system | an economic system with limited government control of business operations |
communism | political and economic system in which property is communally owned |
totalitarianism | most extreme form of authoritarian government |
corporations | business organization that is owned by stockholders and is treated by law as if it were an individual person |
oligopoly | situation that exists when a few people control an industry |
protectionism | use of trade barriers to protect domestic manufacturers from foregn competition |
free trade | trade between nations that is unrestricted by trade barriers |
multinational | a corporation that has factories and offices in several countries |
e-commerce | economic transactions that occur over the Internet or other electronic communication systems |
power | ability to control the behavior of others, with or without their consent |
state | primary political authority in society |
political institution | system of roles and norms that governs the distribution and exercise of power in society |
legitimacy | right of those people in power to control, or govern, others |
authority | legitimate power |
traditional authority | power that is legitimated by longstanding customs |
rational-legal authority | power that is legitimated by formal rules ad regulations |
charismatic authority | power that is legitimated on the basis of the personal characteristics of the individual exercising the power |
coercion | power that is exercised through force or the threat of force |
democracy | type of government in which power is exercised through the people |
monarchy | type of government in which one person rules |
constitutional monarchy | type of government in which the ruler, or monarch, is nothing more than the symbolic head of state |
democratic socialism | combination of a democratic government and a socialist economy |
authoritarianism | type of government in which power rests firmly with the state |
absolute monarchy | authoritarian type of government in which the hereditary ruler holds absolute power |
dictatorship | authoritarian type of government in which power is in the hands of a single individual |
junta | authoritarian type of government in which political power has been seized from the previous government by force |
political party | organization that seeks to gain power in the government through legitimate means |
proportional representation | system in which a party receives a number of seats in government related to the popular votes they receive |
interest group | organization that attempts to influence the political decisionmaking process |
power-elite model | model in which political power in the United States is said to be exercised by and for the priviledged few in society |
pluralist model | model in which the political process in the United States is said to be controlled by interest groups that compete with one another for power |
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