Chapter 2 review

Political economy consists of

• political system

• economic system

• social system

• legal system

Collectivism emphasizes

• individual goals

• collective goals

• individual freedom

• the good of society

Individualism emphasizes

• individual goals

• collective goals

• individual freedom

• the good of society

______________ government is exercised either directly or through elected representatives.

• Totalitarian

• Democratic

______________ government exercises absolute control over all spheres of human life and prohibits opposing political parties.

• Totalitarian

• Democratic

Government plans the goods and services that a country produces, the quantity that is produced, and the prices as which they are sold.

This refers to

• market economies

• command economies

• flexible economies

• mixed economies

Production is determined by the interaction of supply and demand.

This refers to

• market economies

• command economies

• flexible economies

• mixed economies

Certain sectors of the economy are left to private ownership and free market mechanisms while other sectors have significant state ownership and government planning.

This refers to

• market economies

• command economies

• flexible economies

• mixed economies

A system of law based on tradition, precedent, and custom.

• Civil Law

• Common Law

• Theocratic Law

A system of law based on a very detailed set of written laws and codes

• Civil Law

• Common Law

• Theocratic Law