Understanding Economic Systems
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Questions and Answers

What is capitalism primarily characterized by?

  • Censorship of economic activities
  • Central government control of production
  • Equal distribution of resources
  • Private ownership and decision-making by individuals (correct)

    • Which term best describes an economic system where the government decides what to produce?

  • Centrally planned economy (correct)
  • Capitalism
  • Market economy
  • Censorship

    • What does the term 'capital' refer to in the context of economic systems?

  • Knowledge and skills of workers
  • Government interventions in the market
  • Collective ownership of resources
  • Money and equipment used for production (correct)

    • What is a fundamental feature of a capitalist economy?

    <p>Competition determines prices and production decisions</p> Signup and view all the answers

    What does the term 'laissez-faire' refer to in an economic context?

    <p>Minimal government interference in economic activities</p> Signup and view all the answers

    What describes a co-operative?

    <p>A group of people working together for common goals</p> Signup and view all the answers

    Which of the following is a characteristic of a crown corporation?

    <p>Company owned by provincial or federal governments</p> Signup and view all the answers

    How does demand typically influence pricing?

    <p>High demand results in higher prices</p> Signup and view all the answers

    What does the term democratic imply in the context of socialist ideology?

    <p>Gradual change through peaceful voting</p> Signup and view all the answers

    What is the primary objective of a policy of détente?

    <p>Decrease tensions between countries</p> Signup and view all the answers

    What is deterrence in a foreign policy context?

    <p>Building military capabilities to prevent attacks</p> Signup and view all the answers

    What defines a dictator in a political system?

    <p>A ruler with absolute power, often obtained by force</p> Signup and view all the answers

    What is a dictatorship characterized by?

    <p>Complete control by a single individual</p> Signup and view all the answers

    What defines an absolute monarchy?

    <p>A king or queen with unlimited power</p> Signup and view all the answers

    What is the primary characteristic of assimilation?

    <p>Integrating individuals into a group by minimizing differences</p> Signup and view all the answers

    How does authoritarianism differ from democracy?

    <p>Promotes strict obedience to a ruler's authority</p> Signup and view all the answers

    What is meant by 'balance of power' in a political context?

    <p>Equal strength among neighboring states to prevent war</p> Signup and view all the answers

    Which of the following best describes 'beliefs'?

    <p>What a person perceives to be true</p> Signup and view all the answers

    What is a potential outcome of authoritarian governance?

    <p>Strict control over individual actions by the state</p> Signup and view all the answers

    What is the consequence of historical assimilation policies on original cultures?

    <p>Minimizing or ignoring original cultures</p> Signup and view all the answers

    Which ideology emphasizes the importance of the state over the individual?

    <p>Authoritarianism</p> Signup and view all the answers

    What defines a representative democracy?

    <p>Elected officials make decisions on behalf of citizens.</p> Signup and view all the answers

    What is the concept of rule of law primarily associated with?

    <p>The notion that laws are above individuals.</p> Signup and view all the answers

    What is the main purpose of sanctions imposed by nations?

    <p>To change the behavior of another nation.</p> Signup and view all the answers

    Which statement best describes scarcity in economic terms?

    <p>A situation where resources are insufficient or unavailable.</p> Signup and view all the answers

    How is the right-wing position primarily characterized?

    <p>Focus on individual rights and personal responsibility.</p> Signup and view all the answers

    What is the primary characteristic of nationalization?

    <p>The takeover of private businesses by the government</p> Signup and view all the answers

    Which of the following best describes the ideology of Nazism?

    <p>Focus on racial purity and superiority</p> Signup and view all the answers

    What does the term non-alignment refer to in international relations?

    <p>Avoiding alliances with either superpower</p> Signup and view all the answers

    In which governmental system is power concentrated in a small group of people?

    <p>Oligarchy</p> Signup and view all the answers

    What is a defining feature of a one-party state?

    <p>Only one political party governs without opposition</p> Signup and view all the answers

    What does pacifism advocate regarding conflict resolution?

    <p>Peaceful negotiations and treaties</p> Signup and view all the answers

    What is the role of the party with the most seats in a parliamentary democracy?

    <p>To form the government and choose the prime minister</p> Signup and view all the answers

    What are 'needs' as defined in the context provided?

    <p>Essentials required for survival</p> Signup and view all the answers

    What does the term 'economics' refer to?

    <p>The study of production, distribution, and consumption</p> Signup and view all the answers

    Which definition best describes 'enfranchisement'?

    <p>The right to participate in elections</p> Signup and view all the answers

    What is the primary focus of environmentalism as an ideology?

    <p>Protecting the natural environment</p> Signup and view all the answers

    What characterizes 'elitism' in a political context?

    <p>Government by those perceived as superior</p> Signup and view all the answers

    Which statement best describes the factory system?

    <p>Consolidating workers and machines in one location</p> Signup and view all the answers

    What does 'entrench' mean in the context of rights?

    <p>To firmly secure certain rights within legislation</p> Signup and view all the answers

    What does 'expansionism' typically involve?

    <p>Territorial or economic expansion</p> Signup and view all the answers

    Which of the following best describes 'extremism'?

    <p>Actions beyond what is generally acceptable</p> Signup and view all the answers

    Study Notes

    Absolute Monarchy

    • Absolute monarchy is a form of government where a king or queen holds unlimited power (autocratic) over a territory and its people (subjects).
    • All decision-making power rests with the absolute monarch.
    • Monarchs may inherit or seize their position.

    Assimilation

    • Assimilation is the process of bringing someone into a group, minimizing or eliminating their differences from the group.
    • Historically, assimilation was a method used to integrate people into European culture, often ignoring their original culture.
    • This was a policy used to integrate Indigenous peoples into Canadian society.

    Authoritarianism

    • Authoritarianism is a form of government where a dictator promotes strict obedience to state or organizational authority.
    • The state is prioritized over the individual.

    Balance of Power

    • Balance of power is when neighbouring states have relatively equal strength, discouraging war.
    • This concept was seen in Europe where no nation had enough dominance to threaten another's independence.

    Beliefs

    • Beliefs are the things a person considers true.
    • Beliefs are influenced by concepts of individualism and collectivism.

    Canadian Charter of Rights and Freedoms

    • The Canadian Charter of Rights and Freedoms guarantees fundamental rights and freedoms to all Canadians.
    • It's part of the Constitutional Act of 1982.

    Capital

    • Capital includes money and equipment (factories, machines) used for producing goods.

    Capitalist

    • A capitalist is a business person who owns capital and invests in business ventures.
    • Capitalists believe in the individualist values of capitalism.

    Capitalism

    • Capitalism is an economic system where private businesses make production decisions.
    • Resources are privately owned, and competition affects prices and what is produced.
    • Capitalism ideally involves minimal government interference. Also known as laissez-faire economics.

    Censorship

    • Censorship is the suppression of objectionable or threatening material.

    Centrally Planned Economy

    • A centrally planned economy, based on collectivism, has the government decide what to produce, how, and for whom.

    Co-operative

    • A co-operative is a group working together toward shared goals.

    Crown Corporation

    • A crown corporation is a Canadian government-owned company (federal or provincial).
    • It serves the public good, like Canada Post which provides mail service.

    Demand

    • Demand is the desire and ability to buy a good or service.
    • High demand usually increases price, while low demand decreases price.

    Democratic Socialism

    • Democratic socialism is an ideology.
    • It suggests incorporating socialist values gradually through democratic means (voting and legislation), avoiding violent revolution.

    Détente

    • Détente uses diplomacy and mediation to reduce international tensions.

    Deterrence

    • Deterrence is a foreign policy where military strength prevents an opponent from attacking.
    • During the Cold War, superpowers built nuclear arsenals to deter each other.

    Dictator

    • A dictator is a ruler with absolute power.
    • Dictators usually seize their position through force.

    Dictatorship

    • Dictatorship is a form of government where one person has complete control.
    • The dictator usually acquires power through force.

    Economic Values

    • Economic values refer to the importance placed on money and possessions.

    Economics

    • Economics is the study of the production, distribution, and consumption of goods and services.

    Economy

    • Economy is the method a society uses to produce, distribute, and consume goods and services.

    Elitism

    • Elitism is the belief that government should be run by those considered superior due to intelligence, status, or achievement.

    Enfranchisement

    • Enfranchisement is the granting of the right to vote.

    Entrench

    • Entrench means to securely establish something, especially rights within a constitution.

    Entrepreneur

    • An entrepreneur organizes, operates, and risks a business venture.

    Environmentalism

    • Environmentalism advocates for protecting the natural environment.

    Expansionism

    • Expansionism is a policy of territorial or economic growth, through war, conquest, or annexation.

    Extremism

    • Extremism involves actions or ideologies beyond acceptable limits, like terrorism.

    Factory System

    • The factory system brings workers and machines together in a building (factory) to manufacture goods.
    • Early factories used water power, eventually replaced by steam engines.

    Nationalization

    • Nationalization is when a government takes over private businesses.

    Nazism

    • Nazism, the ideology of the Nazi Party, promoted German racial purity and superiority.
    • Nazi ideology led to European invasion, devastation, and genocide as seen in the Holocaust.

    Needs

    • Needs are essential for survival, such as food, clothing, and shelter.

    Non-Alignment

    • Non-alignment is a foreign policy where a country (usually a developing one) avoids alliances with superpowers.

    Oligarchy

    • Oligarchy is a form of government where power is concentrated in a small, unelected group.

    One-Party State

    • A one-party state has only one political party in power, and no opposition is allowed.

    Pacifism

    • Pacifism is the belief that violence and war are unacceptable for resolving disputes.

    Parliamentary Democracy

    • A parliamentary democracy is a democratic form where the party with most elected seats forms the government.
    • The party leader becomes prime minister, accountable to the majority elected members.

    Representative Democracy

    • Representative democracy has elected officials representing citizens and making decisions on their behalf.

    Right Wing

    • Right wing refers to a position on the spectrum between individualism and collectivism, generally associated with individualistic values.

    Rule of Law

    • Rule of law emphasizes equality before the law and the law's supremacy over individuals.

    Sanctions

    • Sanctions are actions taken by multiple nations to change another nation's behavior, usually through trade restrictions.

    Scarcity

    • Scarcity means not having enough of something or lack of availability.

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    Description

    This quiz explores key concepts related to capitalism and various economic systems. Test your knowledge on terms like laissez-faire, capital, and the government's role in production. Perfect for students studying economics or anyone interested in economic theories.

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