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 (B)</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 (B)</p> Signup and view all the answers

What describes a co-operative?

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

How does demand typically influence pricing?

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

What is the primary objective of a policy of détente?

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

What is deterrence in a foreign policy context?

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

What is a dictatorship characterized by?

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

What defines an absolute monarchy?

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

What is the primary characteristic of assimilation?

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

How does authoritarianism differ from democracy?

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

Which of the following best describes 'beliefs'?

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

What is a potential outcome of authoritarian governance?

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

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

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

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

<p>Authoritarianism (D)</p> Signup and view all the answers

What defines a representative democracy?

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

Which statement best describes scarcity in economic terms?

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

How is the right-wing position primarily characterized?

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

What is the primary characteristic of nationalization?

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

Which of the following best describes the ideology of Nazism?

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

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

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

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

<p>Oligarchy (A)</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 (B)</p> Signup and view all the answers

What does pacifism advocate regarding conflict resolution?

<p>Peaceful negotiations and treaties (C)</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 (B)</p> Signup and view all the answers

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

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

What does the term 'economics' refer to?

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

Which definition best describes 'enfranchisement'?

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

What is the primary focus of environmentalism as an ideology?

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

What characterizes 'elitism' in a political context?

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

Which statement best describes the factory system?

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

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

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

What does 'expansionism' typically involve?

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

Which of the following best describes 'extremism'?

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

Flashcards

Absolute Monarchy

A form of government where a single ruler (king or queen) holds absolute power over the entire kingdom, making all decisions and ruling without any limitations on their authority.

Alternative Thought

An idea or way of thinking that differs from the commonly accepted view or established ideology.

Assimilation

The process of integrating someone into a group by minimizing or eliminating their differences, often resulting in the loss of their original cultural identity.

Authoritarianism

A system of government where a dictator holds absolute power and demands strict obedience to the state's authority. Individuals are secondary to the state itself.

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Balance of Power

A situation where neighboring countries have roughly equal military strength, discouraging the outbreak of war because no one nation is powerful enough to dominate others.

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What are beliefs?

Personal beliefs are the things a person considers to be true, often shaped by their values, experiences, and influences.

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Individualism

Individualism emphasizes personal freedom, self-reliance, and individual achievement.

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Collectivism

Collectivism values group harmony, shared responsibility, and working together for the common good.

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Capitalism

A system where private businesses decide what to produce, own resources, and compete to set prices. The government doesn't interfere.

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Censorship

The suppression of information or ideas deemed objectionable or harmful.

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Centrally Planned Economy

An economic system controlled by the government, where it decides what, how, and for whom to produce goods and services.

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Canadian Charter of Rights and Freedoms

The fundamental rights and freedoms guaranteed to all Canadians by the Constitution.

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Capital

The money, equipment, and factories used to produce goods.

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Economic values

The importance placed on money and possessions.

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Economics

The study of how goods and services are made, shared, and used.

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Economy

The system a society uses to produce, distribute, and consume goods and services.

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Elitism

The belief that those considered superior should rule.

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Enfranchisement

The right to vote.

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Entrench

To make something secure and protected, like rights in a constitution.

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Entrepreneur

A person who starts and runs a business.

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Environmentalism

The ideology of protecting the environment.

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Nationalization

A system where the government takes control of privately owned businesses.

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Nazism

A political ideology focused on racial purity and German supremacy, responsible for the Holocaust.

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Needs

The basic needs for survival, including food, clothing, and shelter.

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Non-Alignment

A foreign policy where a country chooses not to align with a superpower.

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Oligarchy

A form of government where a small group of people holds power, not elected by the public.

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One-party state

A government system where only one political party is allowed and opposition is forbidden.

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Pacifism

The belief that violence is never justified to resolve conflicts.

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Parliamentary Democracy

A democratic system where the party with the most seats in parliament forms the government.

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Co-operative

A group of people working together to achieve common goals.

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Crown Corporation

In Canada, a company owned by either the federal or provincial governments to serve the common good. For example, Canada Post is a federal crown corporation formed to provide mail service for Canadians.

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Demand

The desire and ability to buy a certain good or service. Usually, if demand is high for a product, its price will go up; if demand for a product is low, the price will go down.

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Democratic Socialism

An ideology based on the belief that the collectivist values of socialism can be incorporated gradually and peacefully into society through democratic means. That is, change can be made through peaceful voting for and legislation of socialist values; violent revolution is unnecessary.

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Détente

Policy that uses diplomacy and mediation to decrease tensions between countries.

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Deterrence

The foreign policy of preventing (deterring) an opponent from attacking by building a highly advanced military. During the Cold War, the superpowers of United States and Soviet Union built arsenals of nuclear weapons in an effort to prevent either side from attacking. In other words, each side worked at showing no signs of military weakness.

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Dictator

A ruler with absolute power and authority. Usually, a dictator obtains his (or her) position through force.

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Dictatorship

A form of government in which one person has complete control over the country and its citizens. Usually this person, called a dictator, has obtained the position through force.

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Representative Democracy

A political system where citizens elect representatives to make decisions on their behalf.

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Rule of Law

A set of principles that ensure everyone is treated equally under the law, and the law is above any individual.

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Sanctions

Actions taken by a group of nations to influence another country's behavior, often involving trade restrictions.

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Scarcity

A situation where there isn't enough of something, or something doesn't exist.

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Right Wing

A political stance favoring individual rights and freedoms, often associated with concepts like self-reliance and limited government.

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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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Course Reference Guide - Social Studies 30-2 PDF

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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