Social Studies: Important Notes

Notes 6

Socialism is a political, social, and economic philosophy encompassing a range of economic and social systems characterised by social ownership of the means of production. It includes the political theories and movements associated with such systems.

Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. Central characteristics of capitalism include capital accumulation, competitive markets, a price system, private property and the recognition of property rights, voluntary exchange and wage labor.

Feudalism was the medieval model of government predating the birth of the modern nation-state. Feudal society is a military hierarchy in which a ruler or lord offers mounted fighters a fief (medieval beneficium), a unit of land to control in exchange for a military service.

Laissez faire- the driving principle behind laissez-faire, a French term that translates to "leave alone" (literally, "let you do"), is that the less the government is involved in the economy, the better off business will be, and by extension, society as a whole. Laissez-faire economics is a key part of free-market capitalism.

Socialism vs. Capitalism: Capitalism is based on individual initiative and favors market mechanisms over government intervention, while socialism is based on government planning and limitations on private control of resources.

A depression is a deep and long-lasting recession. While no specific criteria exist to declare a depression, unique features of the Great Depression included a GDP decline in excess of 10% and an unemployment rate that briefly touched 25%. Simply, a depression is a severe decline that lasts for many years.

Inflation is the rate of increase in prices over a given period of time. Inflation is typically a broad measure, such as the overall increase in prices or the increase in the cost of living in a country.

Deflation is the overall decrease in the cost of an economy's goods and services. While a slight decrease in prices may spur consumer spending, broad deflation can discourage spending and lead to even greater deflation and economic downturns.

An economic boom is the expansion and peak phases of the business cycle. It's also known as an upswing, upturn, and a growth period. During a boom, key economic indicators will rise. Gross domestic product (GDP), which measures a nation's economic output, increases.

THE 2008 FINANCIAL CRISIS: The global financial crisis of 2008-2009 resulted in considerably slower economic growth in the Philippines as elsewhere in East Asia. The financial crisis partially overlapped with lingering effects of a major spike in international food and fuel prices which peaked in mid- to late-2008.

An oligopoly is a market form wherein a market or industry is dominated by a small group of large sellers. For example, it has been found out that insulin and the electrical industry are highly oligopolist in the US.

A monopoly exists when a specific person or enterprise is the only supplier of a particular commodity. This contrasts with a monopsony which relates to a single entity's control of a market to purchase a good or service, and with oligopoly and duopoly which consists of a few sellers dominating a market. A monopoly refers to when a company and its product offerings dominate a sector or industry. The term monopoly is often used to describe an entity that has total or near-total control of a market.

A monopsony is a market condition in which there is only one buyer, the monopsonist. Like a monopoly, a monopsony also has imperfect market conditions.

Pure or Perfect Competition- Perfect competition is an ideal type of market structure where all producers and consumers have full and symmetric information, no transaction costs, where there are a large number of producers and consumers competing with one another. Perfect competition is theoretically the opposite of a monopolistic market.

THE ULTIMATE OBJECTIVE OF AGRARIAN MOVEMENT:

· Its goals are to provide landowners equality in terms of income and opportunities, empower land owner beneficiaries to have equitable land ownership, enhance agricultural production and productivity, provide employment to more agricultural workers, and put an end to conflicts regarding land ownership.

· The agrarian reform program under the Arroyo administration is anchored on the vision "To make the countryside economically viable for the Filipino family by building partnership and promoting social equity and new economic opportunities towards lasting peace and sustainable rural development."

Liberalization, the loosening of government controls. Although sometimes associated with the relaxation of laws relating to social matters such as abortion and divorce, liberalization is most often used as an economic term. In particular, it refers to reductions in restrictions on international trade and capital.

Peace education is the process of acquiring values, knowledge, attitudes, skills, and behaviors to live in harmony with oneself, others, and the natural environment. There are numerous United Nations declarations and resolutions on the importance of peace. Goals of peace educators include teaching students how to manage conflict without violence, respect all forms of life, and engage in social justice activities. They also strive to help students appreciate intercultural diversity, learn the skill set for peaceful engagements, and envision a future without war.

Globalization, or globalisation, is the process of interaction and integration among people, companies, and governments worldwide. Globalization has accelerated since the 18th century due to advances in transportation and communication technology.

Non-Proliferation Treaty- the NPT is a landmark international treaty whose objective is to prevent the spread of nuclear weapons and weapons technology, to promote cooperation in the peaceful uses of nuclear energy and to further the goal of achieving nuclear disarmament and general and complete disarmament.

The Philippines has more than 111 dialects spoken, owing to the subdivisions of these basic regional and cultural groups. The country is marked by a true blend of cultures; truly in the Philippines, East meets West. The background of the people is Indonesian and Malay. There are Chinese and Spanish elements as well.