Term
Theories of National Prosperity:
Climate
Private Market
Education and technology
Natural Recourses
Dependency Theory
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Definition
Climate: A nations climate helps explain economic prosperity
Private Market – Economists believe a private market is the single strongest factor in a nations’ economic prosperity
Education and technology – High education and advanced technology cause nations to be prosperous economically
Natural Recourses – Countries with lots of natural resources will perform well economically
Dependency Theory – Strong nations exploit weak nations for their natural recourses so the strong get stronger and the weak get weaker.
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Term
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Definition
-rules laid down and enforced by the government. provides predictability, certainty, and stability.
Common law: emphasis on role of judges interpreting law
civil law: relies on what legislation says |
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Term
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Definition
| the idea that laws should be applied equally to everyone. under the rule of law, lawmakers govern and are governed. This is more of an ideal than a reality |
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Term
| what was the first set of laws? |
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Definition
the code of hammurabi (Babylon 1790 bc)
-motivates people to not report crimes
-a lot of risk associated. |
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Term
| What are the 3 concepts necessary for a successful private market in the modern nation? |
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Definition
| -law, rule of law, and property. |
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Term
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Definition
is the legal right to exclude or keep others from interfering with what you own and your recources. it makes what is yours "yours".
-extremely important to the growth of national economies
-gives people the incentive to develop the resources that they own under the rule of law
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Term
| what are the 3 ways of applying the exclusionary right of property? |
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Definition
- public property: owned by the govt such as roads, buildings, public land
-private property: applies to resources that you own as an individual
-common property: resources like land that more than one individual owns jointly |
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Term
| how does property rights help the poor? |
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Definition
| because they dont have to spend as much time protecting their homes and can engage in more productive work which makes them less poor. |
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