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12 Cards in this Set

  • Front
  • Back
Economic Equality
- people with larger incomes pay more taxes
- equal wages for work of similiar value
- guaranteed annual income
- sharing the wealth in a country/the world
- people (workers) own the means of production
- no private property
Co-operation
... the means by which members of a group or a collective achieve their common goals.
Public Property
...is anything-land, buildings, vehicles-not privately owned by the individuals and is owned by the state or the community and managed according to the best interest of the community.
Collective Interest
....interests that members of a group have in common (the basis for the organized labour movement)
Collective Responsibility
...holding the whole group responsible for the actions of individuals within the group - there is no individual action for which the group cannot is some way be held accountable
Adherence to Collective Norms
...whereby groups impose standards on their members as a condition of membership of the group (can relate to conduct, values, or appearance)
Rule of Law
...everyone is subject to the law; that no one, no matter how important or powerful, is above the law
Individual Rights and Freedoms
...examples are freedom of religion, freedom of association, and the right to life, liberty and security of person
Private Property
...can be real estate, other forms of physical possessions and intellectual property
Economic Freedom
...the freedom to buy what you want and to sell your labour, idea, or product to whomever you wish....markets in which consumers and businesses are free from govt. intervention
Self Interest
...when applied to economic systems, is a way to describe why individuals work...
Competition
...each individual buyer's desire to find the best quality product at the lowest price ensures that sellers compete among themselves to provide a variety of products at the lowest price