• 01

    The social institution that helps a society organize what it produces, distributes, and consumes:

  • 02

    Economic system in which the means of production are privately owned and market forces determine production and distribution:

  • 03

    Free Markets are markets that are free from government control.

  • 04

    Supply is the desire for a good or service.

  • 05

    __________describes a situation in which a single provider dominates the market and reaps windfall profits.

  • 06

    Economic system that believes that the means of production should be collectively owned by the people:

  • 07

    Democratic Socialism is the economic system that advocates running government democratically and for the good of the most people.

  • 08

    The tendency for capitalism and socialism to converge is known as:

  • 09

    A Corporation is a business viewed as a “legal person” that has some objective, usually to make a profit for its owners.

  • 10

    ______________ are corporations that operate in at least two countries and have the interests of their company at heart rather than the interests of their home country.

  • 11

    ______________ is a policy that was established in 1994 to allow free trade between the United States, Mexico, and Canada.

  • 12

    Economic systems are social institutions that are based on an established set of practices for applying and realizing a society's goal.

  • 13

    Recall when you were a child and you asked your parent why you should do something he/she asked you to do, and the response was, “Because I said so!” This would be an example of:

  • 14

    The president of the United States, in conducting his daily duties, is a clear example of:

  • 15

    What type of authority is based on a claim of the possession of extraordinary or unique leadership abilities?

  • 16

    A system in which political power is passed from person to person on the basis of hereditary or divine right claims:

  • 17

    Totalitarian regimes involve an individual or small group taking power and using repression and other techniques to maintain it.

  • 18

    ______________ refers to a single leader with absolute power.

  • 19

    Oligarchy is a small group of very influential people who control government.

  • 20

    Totalitarianism is a government whereby power is held by the people and exercised through participation and representation.

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