Ib World Topics Economic And Political Terms

Front 1

An economic system in which the people control the means of production and methods of distribution for their own self-gain/ benefit.

Back 1

Capitalism

Front 2

An economic system in which the people control the means of production and methods of distribution for the benefit of the general society.

Back 2

Communism

Front 3

An economic system in which the government controls the means of production and methods of distribution for the benefit of the general society.

Back 3

Socialism

Front 4

An economic system in which the "better" people control the means of production and the methods of distribution for self-gain and the benefit of the majority ("The greater good for the greatest number").

Back 4

Utilitarianism

Front 5

An economic system in which the state totally controls the means of production and methods of distribution for the betterment of the state; the individual sacrifices self-gain, wealth, for the state and its imperial goals.

Back 5

Fascism

Front 6

A political system in which the majority of the populace rules the state for the benefit of the people. Two types: 1) direct and 2) representative.

Back 6

Democracy

Front 7

A political system in which a king or queen rules the state for the benefit of the people. May be 1) absolute (makes all decisions and takes all responsibility) or 2) representative/ democratic (shares power with the people).

Back 7

Monarchy

Front 8

A political system in which a few individuals rules the state. Usually based upon 1) social status and wealth (aristocracy) or 2) religious hierarchy (theocracy).

Back 8

Oligarchy

Front 9

A political system in which a single person rules the state; all decisions ultimately lie with the one individual.

Back 9

Dictatorship

Front 10

A branch of utilitarianism in which business leaders take it upon themselves to see that the less fortunate do not get left behind as the economy grows.

Back 10

Owenism