Authoritarian. A government in which one leader or group of people holds absolute power. Dictatorship. Characteristics. Absolute rules; unchecked powers; most common form of rule through history; main rival to constitutional democracy; obtain power through violence.
In respect to this, what did Adam Smith believe in quizlet?
He advocated Laissez-faire economic theory. created by Adam Smith saying that individuals should freely pursue their own economic interests. Free individual enterprise would create more wealth than any artificial regulation could encourage.
In this manner, what does authoritarian government mean?
authoritarianism, principle of blind submission to authority, as opposed to individual freedom of thought and action. In government, authoritarianism denotes any political system that concentrates power in the hands of a leader or a small elite that is not constitutionally responsible to the body of the people.
What does firms mean in economics?
A firm is a for-profit business, usually formed as a partnership that provides professional services, such as legal or accounting services. The theory of the firm posits that firms exist to maximize profits.
What is a firm in economics quizlet?
firm. an organization that uses resources to produce a product, which it then sells Ex.
What is a firm quizlet?
firm. an organization that converts inputs such as labor, materials, and capital into outputs. outputs. the goods and services sold by a firm. sole proprietorship.
What is bourgeoisie quizlet?
Bourgeoisie. The middle class , including merchants , industrialists, and professional people.
What is economics definition quizlet?
Economics. The branch of knowledge concerned with the production, consumption and transfer of wealth or simply the study of how we choose to use scarce resources in order to satisfy our wants. Opportunity Cost. Cost involved in choosing an economic activity instead of its next best alternative.
What is laissez faire economics quizlet?
Laissez faire economics. The term laissez faire refers to the economic policy of letting owners of industry and business set working conditions without interference . This policy favors a free market unregulated by government. The term is French for “let do,” and by extension, “let people do as they please.”
What is the best definition of economy quizlet anthropology?
Economic anthropology definition. How the wants or demands of a society are balanced against the supply of goods and services available. • Need to understand that culture. Production and its resources.
What is the definition of a need quizlet?
need. definition: something like air, food, or shelter, that is necessary for survival. importance: often times, one’s needs are more important than their wants.
What is the definition of capitalism quizlet?
Capitalism. An economic system based on open competition in a free market, in which individuals and companies own the means of production and operate for profit.
What is the purpose of a firm quizlet?
– “The purpose of the firm is to maximize its long-term market value and money for its shareholders.” – Argues corporations serve a broad public purpose: to create value for society.
What means macroeconomics?
Macroeconomics is the branch of economics that deals with the structure, performance, behavior, and decision-making of the whole, or aggregate, economy. The two main areas of macroeconomic research are long-term economic growth and shorter-term business cycles.