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12 Cards in this Set
- Front
- Back
Economic Equality
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- 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 |
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Co-operation
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... the means by which members of a group or a collective achieve their common goals.
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Public Property
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...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.
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Collective Interest
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....interests that members of a group have in common (the basis for the organized labour movement)
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Collective Responsibility
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...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
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Adherence to Collective Norms
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...whereby groups impose standards on their members as a condition of membership of the group (can relate to conduct, values, or appearance)
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Rule of Law
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...everyone is subject to the law; that no one, no matter how important or powerful, is above the law
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Individual Rights and Freedoms
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...examples are freedom of religion, freedom of association, and the right to life, liberty and security of person
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Private Property
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...can be real estate, other forms of physical possessions and intellectual property
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Economic Freedom
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...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
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Self Interest
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...when applied to economic systems, is a way to describe why individuals work...
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Competition
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...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
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