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CHAPTER 13 VOCABULARY

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