IB 320F Chapter 2

______ refers toa political system that stresses the primacy of collective goals over individual goals.

Collectivism

A _____ grants an inventor exclusive rights for a defined period to the manufacture, use, or sale of his or her invention.

Patent

The production of goods in a pure market economy are determined by

supply and demand

The most widely practiced theocratic legal system in the modern world is _____ law.

Islamic

_____ property refers to property that is the product of any innovative activity, such as a screenplay, a music score, or the chemical for a new drug

intellectual

A businesses' property consists of which three things?

land, equipment, buildings, capital, mineral rights, businesses, intellectual property

a nation that stresses individualism would

the interests of the individual should take precedence over the interests of the state

A _____ law system is based on a detailed set of laws organized into codes.

Civil

_____ totalitarianism occurs when a political party that represents the interests of a particular tribe monopolizes power.

Tribal

_____ law is the body of law that governs oral and written agreements associated with the exchange of goods, services, money, and property.

contract

Compared to contracts drafted in a common law system, contracts in a civil law system

tend to be much shorter and less specific

A(n) ______ is a recognizable sign, design or name, often officially registered, that identifies products or services from a particular source.

trademark

In the early 20th century, communists differed form social democrats in that communists believed in

a strategy of revolutionary action

What is the objective of a pure command economy?

allocate resources for the "good of society"

The Declaration of Independence is an ideal example of the tenets of _____.

individualism

The _____ often backs right-wing totalitarianism governments.

military

What is an example of a facilitating payment under US law and the Organization for Economic Cooperation and Development convention?

payments that are made for the purpose of speeding up the issuance of a driver's license

_____ is used to stress that the political, economic, and legal systems of a country are connected.

political economy

Theocratic totalitarianism is described as a political system

political power is monopolized by a party, group, or individual that governs according to religious principles

The violation of property rights through theft, piracy, blackmail, etc. by private individuals or groups is a form of _____ action

private

What are the two ways property rights can be violated?

private & public action

____ refers to the process of selling state-owned enterprises to private investors.

privatization

_____ set certain safety standards which a commodity must meet.

product safety laws

Levying excessive taxes or requiring expensive permits from property holders are both examples of ______ action.

public

A _____ refers to a legal right that enables the creator of an original work the right to publish and distribute their work as they see fit.

copyright