Intro to the State and Economy

Life, Liberty and Property were all examples of __________, stated by John Locke

• Social Contract

• Human Rights

• Natural Rights

• Common Sense

Life, Liberty and Property were all examples of Natural Rights, stated by John Locke. These are things that should be protected by the government in an unspoken agreement _____________

• Social Contract

• Human Rights

• Natural Rights

• Common Sense

This is a form of government where only one person rules- Very similar to North Korea

(a)  

This is a type of government where the leader matches the religion on the country. Rule by the Divine Right

(a)  

Who have sovereignty in an Oligarchy?

• Minorities

• The people

• The King

• The small elite group

This economic system values economic growth

• Command Economy

• Market Economy

• Traditional Economy

• North Korea

Many of the economies today are considered this

• Command Economy

• Market Economy

• Traditional Economy

• Mixed Market Economy

already-produced durable goods or any non-financial asset that is used in production of goods or services.

• Land

• Labor

• Capital

• Economy

Not enough resources for the wants

• Scarcity

• Labor

• Command Economy

• Opportunity Cost

Point 2 is an example of

• Inefficient level of production

• Most efficient use of resources

• Impossible to achieve