Studied by 4 people
Marx
________ disagreed with capitalism because he felt it was unequal.
Democracy
Rule by the people. People have the power to make laws
Constitutional Monarchy
Monarchs have limited power and there is a democracy in place for real power
Republic
People vote for their representatives to make laws
Dictatorship
Single authority or ruler who usually takes power by force
Marxism
________ only ever was a theory though it led to the creation of socialism.
Economics
The study of how people satisfy their wants and needs
Traditional Economy
People are concerned mainly with obtaining food, clothing, shelter, and other necessities
Command economy
Operate at the will of the government
Market economy
Operate in response to the laws of supply and demand and to market forces such as the scarcity of goods and resources
Globalization
The reduction of barriers to the movement of goods and services, workers, and money among nations
Economic System
a system of production, resource allocation and distribution of goods and services within a society or a given geographic area
Capitalism
an economic system based on private ownership of capital + factors of production
Examples
Sweden, France, Norway, Canada, Italy
Distribution of goods based on need
everyone shares in wealth/ownership
End of classes
revolutionary concept
Examples
Chine, Vietnam, North Korea, Cuba
Democracy
Rule by the people
Constitutional Monarchy
Monarchs have limited power and there is a democracy in place for real power
Republic
People vote for their representatives to make laws
Dictatorship
Single authority or ruler who usually takes power by force
Absolute Monarchy
Someone who is born into power and holds all the power
Totalitarian Dictator
Dictator with control over all aspects of the country and peoples lives
Benevolent Dictator
Rules for the best of the people
Absolute Monarchy
Someone who is born into power and holds all the power
Totalitarian Dictator
Dictator with control over all aspects of the country and people's lives
Benevolent Dictator
Rules for the best of the people
Note 
Flashcard (138)