Political Economy & Ethics (Ch 3) QUARTERLY

Political Economy
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Terms in this set (28)
a system in which a nation's land, factories, and other economic resources are owned by the government. The government makes nearly all economy-related decisions—including who produces what and the prices of products, labor, and capital.

Natural resoucres are government owned... individual can not buy/ own business property.... people can only RENT land from the government.
Which two countries still considered "Communist"?Cuba and North KoreaWhy do Centrally planned economies fail? (On Test... which one is NOT?)1. Failure to create economic value 2. Failure to provide incentives 3. Failure to achieve rapid growth 4. Failure to satisfy consumer needsMixed Economya system in which land, factories, and other economic resources are rather equally split between private and government ownership. In a mixed economy, the government owns fewer economic resources than does the government in a centrally planned economy. Halfway between Command and marketWhich economic system consists of free enterprise (Government "by the state") does NOT oversee business actions?Market EconomyCommon LawA legal system based on custom and court rulings - Tradition - Precedent - Usage ... Ahere to laws made a long time ago and refer to past cases during trial.Theocratic Legal SystemBased on religious teachingsExamples of intellectual propertypatents, copyrights, trademarks, trade secrets, Secret formulaSecret Formulas are considered _________Intellectual propertyDefine Intellectual PropertyProperty that results from people's intellectual talent and abilitiesWhat area has the HIGHEST piracy rate?Republic of GeorgiaDefine Patentlicense for a new inventionDefine Trademarka symbol, word, or words legally registered or established by use as representing a company or product.What protects INDUSTRIAL property on an INTERNATIONAL scale?Paris Convention - Overrides local copyright lawsAntitrust RegulationsAntitrust laws try to provide consumers with a wide variety of products at fair prices... prevent companies from gaining unfair monopoly advantages. The United States and the European Union are the world's strictest antitrust regulators.Explain Freedman ViewSupports that a company's responsibility is to maximize profit for owners while operating WITHIN the law.Which famous company had a hiccup involving sweatshop workers, that sparked debate over Human rights & labor laws?NikeWhich famous company does a GREAT job operating in a socially responsible manner?StarbucksWhich famous company LIED about STOCKS and was accused of CORRUPTION?Enron