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Foundations of Govt

Chapter 1 Govt

TermDefinition
anarchy a state without laws or government
sovereignty absolute authority within territorial boundaries
social contract people surrender power to the state to maintain order and protect citizens
confederacy a loose union of independent and sovereign states
federal system a govt. that divides the power between a national and state government bodies
oligarchy system in which a small group of elites or military hold power
republic a system in which people elect representatives to govern in their name
capitalism economic system emphasizing freedom of choice and individual liberties
laissez faire economic philosophy that govt. should not interfere in the economy
mixed economy economic system in which the govt. regulates some aspects of the economy
socialism economic system in which the govt. owns the basic means of production, distributes the products, and provides services to the public
command economy economic system in which the govt. makes all economic decisions, such as what to produce and who to distribute goods to
bourgeoisie the capitalist class who own the basic means of production (captains of industry)
proletariat the working class who produce the goods in factories
Created by: wm0397