PSC-100 Study Guide - Midterm Guide: Economic Planning, Akyem Abuakwa, Gross Domestic Product
2 May 2017
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Document Summary
Government was created to protect us from ourselves. The state is not a threat to the economy or freedom. Higher taxes are put in place for social programs. Eliminates individual freedom and promotes collective equality. Central planning: government completely controls the economy. Focuses the needs of the state, not of the citizen. A state that is strong enough to protect its private property is strong enough to take it away from its citizens. Rational farmer - bargaining with citizens makes them less likely to protest. Gross domestic product: total market value of all goods & services in a country per year. Purchasing power parity: estimates the buying power of income in each country by comparing similar costs such as food and housing, using prices in us dollars. Nationalism - a political principle that says a politician & national unit should be together. Ethnic: exclusive/ must be member of ethnic group. Role of education system is to create patriotism/identity for students.
