AGB 302 Chapter 2 Solved 100% Correct

Political Economy - ANSWER-to stress that the political, economic, and legal systems of a country are interdependent; they interact with and influence each other, and in doing so, they effect the level of economic well-being Political System - ANSWER-the system of government in a nation Political System - ANSWER-can be assessed according to two dimension: 1) the degree to which they emphasize collectivism as opposed to individualism 2) the degree to which they are democratic or totalitarian Collectivism - ANSWER-refer to a political system that stresses the primacy of collective goals over individual goals Collectivism - ANSWER-Plato, the Republic Socialists - ANSWER-Karl Marx Socialists - ANSWER-few benefit at the expense of many where individual freedom are restricted Communists - ANSWER-believed that socialism could be achieved only through violent revolution and totalitarian dictatorship Social Democrats - ANSWER-committed themselves to achieving socialism by democratic means, turning their backs on violent revolution and dictatorship Privatization - ANSWER-Parties sold state-owned enterprises to private investors Individualism - ANSWER-Refers to a philosophy that an individual should have freedom in his or her economic Individualism - ANSWER-Can be traced to Aristotle Adam Smith - ANSWER-The Wealth of Nations Democracy - ANSWER-Refers to a political system in which government is by the people, exercised either directly or through elected representatives Totalitarianism - ANSWER-Form of government in which one person or political party exercises absolute control over all spheres of human life and prohibits opposing political parties Representative Democracy - ANSWER-Most modern democratic states practice