Politics & the Economy
by Mike Pettibone

Power

Ability of persons or groups to achieve their goals despite opposition from others

Power is a social relationship that involves both leaders and followers. Persons in positions of power control valuable resources for their society.

Political Systems

Monarchy- a political system in which power resides in one person or family and is passed from generation to generation through lines of inheritance

Examples include: Austrailia, Belgium, Canada

Authoritarianism- a political system controlled by rulers who deny popular participation in government.

Examples include: North Korea, Iran, Saudi Arabia

Totalitarianism- a political system in which the state seeks to regulate all aspects of people's public and private lives

Examples Include: China, Cuba, Vietnam

Democracy- a political system in which the people hold the ruling power either directly or through elected representatives

Capitalism

An economic system characterized by private ownership of the means of production, from which personal profits can be derived through market competition and without government intervention.

Corporations- organizations that have legal powers, such as the abilioty to enter into contracts and buy and sell property, separate from their individual owners.

Unemployment

Cyclical

Occurs as a result of lower rates of production during recessions in the business cycle

Seasonal

Results in shifts from demans for workers based on conditions such as the weather (agriculture, construction, and tourism) or seasons (holidays or summer vacation).

Structural

Arises because the skills demanded by employers do not match the skills of the uneployed or because the unemployed do not live where jobs are located.