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| institution in which a nation makes and enforces its public policies |
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| all those things a gov't decides to do |
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| who gets what, where, and how |
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| an organized area that can govern itself |
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| Population, Territory, Sovereignty, and Government |
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| Force, Evolutionary, Divine Right, and Social Contract |
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| Form a more perfect union, Establish Justice, Ensure domestic tranquility, provide for the common defense, promote the general welfare, Secure Liberty |
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| 3 Classifications of gov't |
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| Unitary, Federal, Confederate |
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| All power is derived from a single source |
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| Power is divided into levels |
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| Executive, Judicial, Legislative |
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| Dictatorship, Absolute Monarchy, Limited Monarchy, Direct Democracy, Representative Democracy |
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| Single group has all power; totalitarianism |
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| Ruler is royal (inheireted) |
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| Royal ruler has restrictions |
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| all elegable citizens take part in decisions |
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| citizens elect officials to make decisions |
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| 5 Basic Concepts of Democracy |
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| Fundamental Worth, Equality, Majority Rule, Compromise, Freedom |
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| everyone is to be treated equally |
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| majority is not always correct, minority has a part as well |
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| both sides give in; not everyone will get what they want |
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| The study of how people try to satisfy virtually unlimited wants with limited means and resources |
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| set of organized procedures a nation follows to satisfy unlimited wants |
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| Traditional, Command, Market, Capitalism, Democratic Socialism, Authoritive Socialism |
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| What to produce?, How to produce?, and for whom to produce? |
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| Based on customs and habits |
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| Gov't controls all means of production and distribution of goods and services |
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| Private individuals control all means of production and distribution of goods and services |
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| Between a Command and Market Economy (99.9%) |
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| Privates Control most means of production and distribution of goods and services |
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| Gov't and privates control half of means of production and distribution of goods and services |
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| Gov't controls most means of production and distribution of goods and services |
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| co-wrote Manifesto, athiest, journalist, created 'Proletarian Revolution' |
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| liquidate factory owners, then rule as a group |
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| scottish economist, wrote Wealth of Nations, thought of laws of supply and demand |
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| Human Resources, Natural Resources, Capital, Technology, Entrepreneurship |
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| know how to combine factors of prodution to create a successful business |
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| 6 goals of the US Economy |
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| Economic Freedom, Efficiency, Equity, Security, Stability, Growth |
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| having a choice in the marketplace |
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| maximize available resources with minimal effort |
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| what will it take to have justice |
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| protect against future disasters |
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| full employment and steady prices |
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| Trade off, Opportunity Cost, Production Possibilities Core |
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| what is sacrificed from a choice |
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| Production Possibilities Core |
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| *chart of guns vs butter* (military vs food) |
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| 5 features of the US Economy |
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| Private Property & Contracts, Freedom of Choice based on Supply & Demand, Free Enterprise & Competition, Self-Interest & Profit, Limited Gov't Intervention |
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| Private Property & Contracts |
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| 'stupid' contracts are legal |
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| Freedom of Choice based on Supply & Demand |
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| buy and sell what you want, when you want |
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| Competition ensures quality |
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| Limited Gov't Intervention (3) |
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| Taxes, Rules & Regulations, Price Ceilings & Floors |
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| amount of a good or service that consumers are able and willing to buy at a certain price during a given time period |
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| price and demand are inversely proportional |
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| non-price factors (complimentary and substitute goods) |
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| Diminishing Marginal Utility |
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| usefulness of product goes down the longer its for sale |
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| amount of a good or service that producers are able and willing to produce at a certain price during a given time period |
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| price and supply are directly proportional |
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| Determinates of Supply (3) |
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| producing costs, overhead prices, variable cost |
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| Law of Diminishing Returns |
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| Profit goes down per unit |
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| ideal situation when supply and demand are equal |
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| a small change in price will majorly shift amount of buyers/produced product (D/S) |
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