Economics 1

16 cards
Economics 1

Several Economic Systems. Authoritarian Systems Too.

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Market determines production, distribution, and price decisions.
Regulated Capitalism
Has governmental procedural guarantees, whereas laissez-faire capitalism doesn't.
Socialist Economy
The state determines production, distribution, and price decisions; property is government owned.
Social Democracy
A hybrid of socialism and capitalism.
Power vested in a king or queen (Saudi Arabia)
Government claims to draw its power from divine or religious authority. (Iran)
Authoritarian Systems
State holds all power
Fascist Government
Policy is made for the ultimate glory of the state. (Nazi Germany)
Rule by a small group of elites
Totalitarian Government
A system in which absolute control is exercised over every aspect of life (North Korea)
Nonauthoritarian Systems
The state does not hold all power
Government that vests power in the people; based on popular sovereignty
Popular Sovereignty
The concept that the citizens are the ultimate source of political power
Elite Democracy
limits the citizens’ role to choosing among competing leaders
Pluralist Democracy
citizen membership in groups is the key to political power
Participatory Democracy
citizens should actively and directly control all aspects of their lives