Political And Economic Systems Flashcards, test questions and answers

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What is Political And Economic Systems?

Political and economic systems refer to the various ways in which a country or region is organized politically and economically. These two systems are linked, as each affects the other; for instance, political decisions can shape an economy and vice versa. Political and economic systems vary from one country to another, with some countries having a more centralized system while others may have a more decentralized system. The most common type of political system is democracy. Democracies are characterized by the people’s right of self-determination; citizens choose their leaders through elections, they have rights to freedom of speech and assembly, they can participate in public debates on issues that affect them, among other things. Democracies also promote fair competition among different groups within the society. In contrast to democracies, authoritarian regimes do not allow any form of popular participation in governance or in decision making processes; instead decisions are made behind closed doors by small groups of elites who control all aspects of government activity. Economically speaking, authoritarian regimes usually favor state ownership over private enterprise as well as centralized economic planning instead of market-based solutions. Socialism is another type of political system that has been widely adopted across many countries around the world since the 19th century. Socialists believe that wealth should be distributed equally among citizens and therefore opt for state control over private ownership when it comes to resources such as land or natural resources like oil or minerals; this means that instead of private companies owning these resources they would be owned by the government who would then use proceeds from their sale towards improving public services such as healthcare and education etcetera for everyone in society regardless of social class differences or financial status. Economically speaking there are several different types of economic systems including capitalism, mercantilism and socialism amongst others but generally speaking all economies rely on markets operating within them either through free trade agreements between countries (globalization) or domestic marketplaces inside countries (domestic economy). In capitalism production is driven by profit while mercantilism prioritizes exporting goods cheaply abroad so that money can be earned back at a later date when those goods are sold overseas at higher prices than domestically produced ones were sold at originally – this encourages trade between nations rather than competition between them which can lead to conflict if one nation begins selling goods too cheaply compared to its neighbors leading to retaliatory measures etcetera.