Podcast
Questions and Answers
What best describes a centrally planned economy?
What best describes a centrally planned economy?
- All economic resources are owned by individual citizens.
- Economic decisions are made by private enterprises.
- The government makes all decisions regarding production and distribution. (correct)
- An economy with minimal government intervention.
Which political ideology is characterized by total control over citizens' lives?
Which political ideology is characterized by total control over citizens' lives?
- Anarchism
- Liberalism
- Totalitarianism (correct)
- Pluralism
What is a primary characteristic of a mixed economy?
What is a primary characteristic of a mixed economy?
- An equal split of resources between government and private entities. (correct)
- Focus solely on industrial production.
- Complete private ownership of resources.
- Total government control of the economy.
What economic values do individualist or collectivist systems reflect?
What economic values do individualist or collectivist systems reflect?
What can lead to economic recessions or depressions?
What can lead to economic recessions or depressions?
What is NOT a feature of totalitarian political systems?
What is NOT a feature of totalitarian political systems?
What is a goal of the government in a mixed economy?
What is a goal of the government in a mixed economy?
Which of the following is characteristic of pluralism as a political ideology?
Which of the following is characteristic of pluralism as a political ideology?
What is a primary disadvantage of a mixed economy?
What is a primary disadvantage of a mixed economy?
What does demand refer to in economic terms?
What does demand refer to in economic terms?
What role does the government play in a mixed economy?
What role does the government play in a mixed economy?
What is one advantage of a market economy?
What is one advantage of a market economy?
How can high taxes impact a mixed economy?
How can high taxes impact a mixed economy?
In a market economy, who primarily owns the economic resources?
In a market economy, who primarily owns the economic resources?
What economic cycles can market economies be susceptible to?
What economic cycles can market economies be susceptible to?
How do legal systems relate to political systems?
How do legal systems relate to political systems?
What is the main belief of anarchism regarding government?
What is the main belief of anarchism regarding government?
What does political economy study?
What does political economy study?
Which of the following political systems reflects pluralism?
Which of the following political systems reflects pluralism?
What is a characteristic of totalitarianism?
What is a characteristic of totalitarianism?
What does the concept of pluralism assume about societal diversity?
What does the concept of pluralism assume about societal diversity?
Which of the following best reflects the origins of the term 'political economy'?
Which of the following best reflects the origins of the term 'political economy'?
In what context did anarchist thought primarily develop?
In what context did anarchist thought primarily develop?
What feature is NOT characteristic of a political system?
What feature is NOT characteristic of a political system?
What is the primary focus of Corporate Social Responsibility (CSR)?
What is the primary focus of Corporate Social Responsibility (CSR)?
What is included in the three layers of CSR activities?
What is included in the three layers of CSR activities?
How does cultural relativism view ethical behavior in a business context?
How does cultural relativism view ethical behavior in a business context?
Which of the following best describes ethical behavior in business?
Which of the following best describes ethical behavior in business?
What is strategic CSR focused on?
What is strategic CSR focused on?
Which of the following is NOT an example of traditional philanthropy in CSR?
Which of the following is NOT an example of traditional philanthropy in CSR?
What is one benefit of embracing cultural relativism for businesses?
What is one benefit of embracing cultural relativism for businesses?
What ethical dilemma may arise in corporate settings?
What ethical dilemma may arise in corporate settings?
What does the Righteous Moralist philosophy emphasize for multinationals operating globally?
What does the Righteous Moralist philosophy emphasize for multinationals operating globally?
According to the Utilitarian view, how should companies assess their actions?
According to the Utilitarian view, how should companies assess their actions?
What type of economic system features ownership of resources mainly by the government?
What type of economic system features ownership of resources mainly by the government?
What is a critical concern for companies operating in foreign countries in relation to laws?
What is a critical concern for companies operating in foreign countries in relation to laws?
What does Pluralism advocate in terms of political activities within a nation?
What does Pluralism advocate in terms of political activities within a nation?
What is one of the challenges posed by legal systems regarding ethics and social responsibility?
What is one of the challenges posed by legal systems regarding ethics and social responsibility?
What primary aspect differentiates a Mixed economy from a Centrally Planned Economy?
What primary aspect differentiates a Mixed economy from a Centrally Planned Economy?
What does the Friedman view consider as a fundamental duty of businesses?
What does the Friedman view consider as a fundamental duty of businesses?
Study Notes
Political Systems
- Political systems are the structures, processes, and activities by which a nation governs itself.
- Three main political ideologies are: Anarchism, Totalitarianism, and Pluralism.
- Anarchism believes government is harmful and unnecessary.
- Totalitarianism attempts to assert total control over individual lives.
- Pluralism believes both private and public groups play important roles in political activities.
Economic Systems
- A nation's economic system allocates resources and conducts commercial activities.
- Three main economic systems are: Centrally Planned, Mixed, and Market.
- A centrally planned economy is controlled by the government.
- A mixed economy has both private and government ownership.
- A market economy is primarily privately owned.
Legal Systems
- A nation's legal system is its set of laws and regulations.
- A legal system is influenced by the political system of a nation.
- Legal systems define boundaries for individual and corporate behavior.
- They are inadequate for ethical and social responsibility dilemmas.
Ethics and Social Responsibility
- Corporate social responsibility (CSR) is a business practice balancing commitments to investors, customers, and communities.
- Friedman view: a company's sole responsibility is to maximize profits.
- Righteous moralist view: a company should follow its home country's ethical standards globally.
- Utilitarian view: a company should act to maximize good outcomes and minimize bad outcomes.
- Cultural relativism recognizes that acceptable behavior varies between cultures.
- Ethical behavior aligns with guidelines for good conduct and morality.
Business Ethics
- Moral principles and values guide ethical behavior in business.
- Three layers of CSR activity:
- Traditional philanthropy
- Risk management
- Strategic CSR
- CSR can build competitive advantage by integrating social responsibility into core operations.
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Description
Test your knowledge on the various political and economic systems that govern nations. This quiz covers important ideologies, structures of governance, and types of economies. Challenge yourself to understand how these systems affect citizens and their daily lives.
