The economy and Politics
Economic Institutions
Capitalism- Entrepreneurs (people willing to risk money) control the means of production.
Law of Supply- Producers will supply more when they can charge a higher price. They will supply less when they can only command a lower price. How does this work for Pizza, Automobiles, or school bake sales?
Law of Demand- As prices lower, consumers will demand more of a product. As prices rise, consumers demand less. Think of how this works for this works for gasoline, silly-bands, baseball cards,School lunches etc.
Laissez-Faire-
Free-Enterprise-
Adam Smith-
Socialism- The Government or State (not the same thing) Controls the means of production.
Not the same as Communism, but for many, the goal of socialism is communism. For Capitalists, the nightmare is communism.
Communism-
Totalitarianism-
Corporate Capitalism-
Law of Supply- Producers will supply more when they can charge a higher price. They will supply less when they can only command a lower price. How does this work for Pizza, Automobiles, or school bake sales?
Law of Demand- As prices lower, consumers will demand more of a product. As prices rise, consumers demand less. Think of how this works for this works for gasoline, silly-bands, baseball cards,School lunches etc.
Laissez-Faire-
Free-Enterprise-
Adam Smith-
Socialism- The Government or State (not the same thing) Controls the means of production.
Not the same as Communism, but for many, the goal of socialism is communism. For Capitalists, the nightmare is communism.
Communism-
Totalitarianism-
Corporate Capitalism-
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Political Institutions
Democracy
Monarchy Oligarchy Authority Coercion Democratic Systems Authoritarian Systems Political Parties Proportional Representation Who Rules America? Power Elite Pluralism |
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Stuff you should knowKnow the factors of production for Capitalism and Socialism..
How does Capitalism survive through the distribution of wealth? How would a Functionalist and a Conflict theorist answer this question differently? |
