SS1: GOVERNMENT – 1ST TERM Basic Concepts of Government Continues: Capitalism, Aristocracy, Oligarchy, Nazism etc | Week 6 Theory Questions – Capitalism, Aristocracy, Oligarchy, Nazism etc

Lesson 6, Topic 6

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Theory Questions – Capitalism, Aristocracy, Oligarchy, Nazism etc

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Theory Questions & Answers – Capitalism, Aristocracy, Oligarchy, Nazism etc

Theory Questions – Capitalism, Aristocracy, Oligarchy, Nazism etc

1.
(a) Define capitalism
(b) Highlight the features of capitalism

2. Identify three (3) merits and three (3) demerits of capitalism.

3. Write short notes on the following.
(i) Aristocracy
(ii) Oligarchy
(iii) Plutocracy
(iv) Diacrhy
(v) Theocracy
(vi) Autocracy

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Responses

Evaluation Questions

1(a) Define capitalism

Answer: Capitalism is a political-economic system where most of the means of production, exchange, and distribution are owned and controlled by private individuals.

(b) Highlight the features of capitalism

Answer:

In a capitalist state, these are some of the features:

Private ownership of the means of production.
Individuals are given the freedom to set up businesses.
Consumers have the freedom to choose what to buy.
Profit-making is the main driving force in capitalism.
Government/state play very minimal roles in the regulation of the economy as the main regulation are the forces of demand and supply.

2 Identify three (3) merits and three (3) demerits of capitalism.

Answer:

Three (3) Merits of Capitalism are:

Capitalism guarantees citizenship’s freedom of enterprise.
Capitalism gives consumers/citizens alternative choices.
Capitalism encourages inventions and innovations.

Three (3) Demerits of Capitalism are:

It leads to individual or private monopoly.
It allows exploitation as capitalists aim to make a profit at all costs.
It also permits unhealthy rivalry among competitors producing the same or similar products.

3. Write short notes on the following.

(i) Aristocracy:

Answer: This is an oligarchic system where the nobles and royalties control the state.

(ii) Plutocracy:

Answer: This is an oligarchic system where the wealthy few control the state.

(iv) Oligarchy:

Answer: Oligarchy is the government of the few privileged and powerful people in a state.

(v) Diarchy:

Answer: This is a system where the control of a state is divided into two main parts or by two governing bodies.

(vi) Theocracy:

Answer: This is a system where a state is governed by a few religious bodies or a state is under the laws and control of a religious group.

(vii) Autocracy:

Answer: This is a system where an individual has absolute powers in a state.

4 (a) Define Nazism

Answer: Nazism is a totalitarian system led by an authoritarian where citizens are expected to have absolute loyalty towards the ‘state’ (i.e. the supreme head).

(b) Give six features of Nazism

Answer:

The Nazist regime was led by an authoritarian
The Nazist regime is totalitarian in nature.
There is no freedom of the press
There is only one existing political party.
The Nazist regime believed in the superiority of the Germans.
The will of the state is usually achieved through force and terror.

5 Differentiate between capitalism and socialism.

Answer:

	Capitalism	Socialism
i	The means of production are controlled by individuals.	The means of production are controlled by the state.
ii.	The capitalist economy is controlled by the forces of demand and supply.	The socialist economy is controlled by the government.
iii.	There is a class division between the bourgeoisie and the proletariats.	There is no class division in a socialist state.
iv.	The key driving force is profit maximization	Service delivery to cater to the welfare of the people.
v.	Capitalism allows democracy and its tenets.	Socialism does not allow democracy and its tenets.

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