Gov. & Economics
System where government regulates private enterprise
Mixed Economy
A government that gives all its key powers to the national or central government
Unitary System
Founder of Communism
Karl Marx
Capitalists who own the means of production (Communism)
Bourgeoisie
A plan that provides rules for government
Constitution
An economic system where the government controls the means of production
Command Economy
A loose union of independent states
Confederacy
Founder of Capitalism (Wealth of Nations)
Adam Smith
Workers who produce the means of production (Communism)
Proletariat
The study of how people and nations use their limited resources to satisfy wants and needs
Economics
An economic system where the government owns the means of production, distributes the products and wages, and provides social services
Socialism
Divides the governmental power between national and state governments
Federal System (Federalism)
What is the United States? (System of government)
Constitutional Republic
The philosophy that the government should keep its hands off of the economy
Laissez-Faire
Minimum number of members who must be present for legislative action to take place
Quorum
A type of economy where buyers and sellers make free choices in the market place
Free Market
When the government controls all aspects of citizens' social, economic, and political lives.
Authoritarianism
Government where people elect representatives to to represent them
Republic / Representative Democracy
A procedure that allows each Senator to only speak for one hour on a bill
Cloture Resolution
Give the distinction between equity and equality
Equity - equality of outcome
Equality - same opportunity
Name 2 examples of command economies throughout history
Adolf Hitler, Mao, Stalin, Mussolini... etc.
An authoritarian system in which a small group of people hold power
Oligarchy
What country has been dealing with hyperinflation as a result of socialism and corruption?
The Senate member who stands in as president in the absence of the Vice President
President Pro Tempore
The opportunity to control one's own economic decisions
Free Enterprise