National Differences in Political, Economic, and Legal Systems

Flashcards covering key concepts from the lecture on national differences in political, economic, and legal systems.

Political Economy

The interdependent political, economic, and legal systems of a country.

Collectivism

The needs of society as a whole are prioritized over individual freedoms.

Socialism

A political system with public ownership of the means of production for the common good.

Individualism

The principle that individual freedoms should take precedence over the interests of the state.

Democracy

A system of government by the people, exercised directly or through representatives.

Totalitarianism

A political system where one person or party exercises absolute control over all aspects of life.

Market Economy

An economic system where all productive activities are privately owned, and production is determined by supply and demand.

Command Economy

An economic system where the government plans and controls production for the good of society.

Mixed Economy

An economic system with both privately and government owned sectors.

Legal Systems

Rules or laws that regulate behavior and the process through which they are enforced.

Common Law

A legal system based on tradition, precedent, and custom.

Civil Law

A legal system based on detailed laws organized into codes.

Contract Law

The body of law that governs the enforcement of contracts.

Property Rights

Legal rights over the use and income derived from a resource.

Foreign Corrupt Practices Act (FCPA)

A law that makes it illegal to bribe a foreign government official.

Intellectual Property

Property that is the product of intellectual activity, including patents and copyrights.

Product Liability

The responsibility of a firm for injuries or damages caused by a product.