MGMT Ch.3 Flashcards
(57 cards)
___ the study of how a country manages its affairs by using its political, economic, and legal system
political economy
___ structures, processes, and activities by which a nation governs itself
political system
___ political system in which individuals govern without support of the people, tightly control peoples lives, and do not tolerate opposing views
totalitarian system
___ both private and public groups need to balance each others powers
pluralism
___only individuals and private groups can preserve personal liberties
anarchism
Totalitarian governments share what three features?
- imposed authority
- lack of constitutional guarantees
- restricted participation
___ political system in which a country’s religious leaders are also its political leaders
theocracy
___political system in which leaders rely on military and bureaucratic power
secular totalitarianism
secular totalitarianism takes what 3 forms?
- communist
- tribal
- right wing
___ belief that social and economic equality can be obtained only by establishing an all powerful communist party and by granting the government ownership over all types of economic activity
communism
___ the belief that social and economic equality is obtained through government ownership and regulation of the means of production
socialism
___ one group imposes its will on others whom share a national identity
tribal totalitarianism
___ the government endorses private ownership of property and a market based economy but grants few political freedoms
right wing totalitarianism
___ political system in which government leaders are elected directly by the wide participation of the people or by their representatives
democracy
___ democracy in which citizens elect individuals from their group to represent political views
representative democarcy
Representative democracy tries to provide what 5 things?
freedom of expression periodic elections full civil and property rights minority rights nonpolitical bureaucracies
___ segmant of economic environment made up of independently owned firms that seek to earn profit
private sector
___ belief that ownership of the means of production belongs in the hands of induviduals and businesses
capitalism
free market
___structure and process that a country uses to allocate its resources and conduct commercial activities
economic system
___ economic system in which a nations land, factories, and other economic resources are owned by the government, which plans nearly all economic activities
centrally planned economy
<== far left
___economic system in which land, factories, and other economic resources are rather equally split between private and government ownership
mixed economy
<==center==>
___ economic system in which the majority of a nations land, factories, and other economic resources are privately owned either by individuals or businesses
market economy
far right==>
Centrally planned economy origin (3things)
- rooted in collectivism
- popularized by Karl Marx in 19th century
- implemented in 20th century by means of violent upheaval
Centrally planned economy decline (4things)
- failure to create economic value
- failure to provide incentives
- failure to achieve rapid growth
- failure to satisfy consumer needs
