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CHAPTER 13 VOCABULARY

Teacher: Robert M. Richardson - Law Education
Across
COMMITTMENT TO LIMITED GOVERNMENT CONTROL OF BUSINESS.
The primary political authority in society.
DEALS WITH THE EXTRACTION OF RAW MATERIALS FROM THE ENVIRONMENT.
A type of government controlled by elected officials who govern along with a monarch with limited authority.
THE MARKET SITUATION IN WHICH A FEW LARGE COMPANIES CONTROL AN INDUSTRY.
THE FACTORS OF PRODUCTION ARE OWNED BY INDIVIDUALS RATHER THAN BY THE GOVERNMENT.
Refers to whether those in power are viewed as having the right to control, or govern, others.
One person rules
FRENCH TERM FOR "LET PEOPLE DO AS THEY CHOOSE".
Legitimate power
CONCENTRATES ON THE USE OF RAW MATERIALS TO MANUFACTURE GOODS.
Power exercised through the people
ANY CORPORATION THAT HAS FACTORIES AND OFFICES IN SEVERAL COUNTRIES
RESOURCES NEEDED TO PRODUCE GOODS AND SERVICES--INCLUDE LAND, LABOR, CAPITAL, AND ENTREPRENEURSHIP.
CONSUMERS WILL DEMAND MORE OF A PRODUCT AS THE PRICE OF THE PRODUCT DECREASES.
Down
Rules and regulations that clearly outline the rights and obligations of those in power.
The ability to control the behavior of others with or without their consent.
THE FACTORS OF PRODUCTION ARE OWNED BY THE GOVERNMENT, WHICH REGULATES ECONOMIC ACTIVITY.
The system of roles and norms that governs the distribution and exercise of power in society.
TRADE THAT IS NOT RESTRICTED BY TRADE BARRIERS BETWEEN COUNTRIES.
Is exercised through force or the threat of force and is based on fear.
A POLITICAL AND ECONOMIC SYSTEM IN WHICH PROPERTY IS COMMUNALLY OWNED. there IS NO PRIVATE OWNERSHIP OF PROPERTY.