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Gov/Econ 101
Test 1 Prep
Question | Answer |
---|---|
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 |