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Gov/Econ 101

Test 1 Prep

QuestionAnswer
Lack of government Anarchy
Loose alliance among states lacking a central government Confederation
Economic Justice Equity
Sacrifices made for 1 alternative chosen over another Trade-off
"Wealth of Nations Adam Smith
"Let to do" Laissez-faire
Economic Justice Equity
Sacrifices made for 1 alternative chosen over another Tradeoff
"Let to do" Laissez-faire
Type of government that originates from one source Unitary
The United States has this type of government Capitalism
Study of how unlimited wants are satisfied with limited means and resources Economics
Motivation of capitalism Profit
Price of an economic tradeoff Opportunity cost
Splitting authority among multiple branches of government Separation of Power
Curve which shows tradeoffs in domestic and defense spending Guns & Butter
Citizens elect officials to make decisions for them Representative Democracy
Mixed economy associated with China, Cuba, & North Korea Authoritarian Socialism
Mixed economy of Great Britain, France, and Germany Democratic Socialism
Organized set of procedures to satisfy unlimited wants with limited means Economic System
Life Blood of capitalism Competition
Government run by a small group which is not accountable to the people Dictatorship
Economic system based on customs, habits, and beliefs Traditional
Government where the executive is part of the legislature Parliamentory
Government split between the national and state levels Division of Power
Government where all citizens vote on all issues Direct Democracy
Goal of getting the maximum out of all resources Efficiency
Non-price factors that influence supply and demand Determinents
Citizens elect officials to make decisions for them Representative Government
Father of Communism Karl Marx
Who gets what, when and how Politics
Satisfaction or usefulness from consuming products Utility
Institution through which a state enforces public opinions Government
Economic goal of full employment and steady prices Stability
Theory devised by John Locke Social Contract
An agreement that can be enforced by law Contract
Central planners plan 5 year plans are part of this economy Command
Central planners plan 5 year plans are part of this economy Command
Created by: hwzone