SM131 - Note on Businesses in Political and Economic Systems

A collection of vocabulary flashcards summarizing key terms from the lecture notes on political and economic systems.

Authoritarian political systems

Political systems where power is concentrated in a single leader or small group, often without democratic processes.

Democratic political systems

Governments that operate via the consent of the governed, reflecting the will of the people with free and fair elections.

Feudalism

A decentralized socio-political and economic system prevalent in Europe during the Middle Ages characterized by hierarchical landholding and mutual obligations between lords and serfs.

Capitalism

An economic system emphasizing minimal government intervention, private ownership, and profit-driven markets.

Socialism

An economic and political system advocating for collective ownership of the means of production and distribution, aiming to achieve social equality.

Oligarchic Capitalism

A system where a small group of wealthy individuals control significant economic resources and have substantial influence over political decisions.

State-Guided Capitalism

A model where the government plays a strong guiding role in a predominantly capitalistic economy, influencing economic activity without outright ownership.

Big-Firm Capitalism

An economic situation dominated by a few large companies which hold a significant portion of market share, potentially inhibiting innovation.

Entrepreneurial Capitalism

A system characterized by small firms that drive innovation and economic growth through new ideas and startups.

Mixed Economies

Economic systems that incorporate both capitalist and socialist elements to balance efficiency with social welfare.