Economics
A very basic economy where people trade one item for another.
What is a traditional economy?
Government that is limited by a constitution, elections, and the people typically have rights.
Limited Government
Voters select lawmakers to represent them in the nation's parliament and to choose a prime minister.
What is a parliamentary democracy?
Economy means "how a government uses and gains" this.
What is money?
One group or person holds all the power, which is usually inherited or taken by force. Laws rarely apply to government leaders.
An economic system in which the government makes decision about what to produce.
What is a command economy?
Person or group has supreme power through control of the military and police.
What is a dictatorship?
Voters choose a president to lead the government as head of the executive branch.
What is a presidential democracy?
An economic philosophy that calls for property to be owned by society.
What is socialism?
In a government like a monarchy or a dictatorship, where a single person holds all of the power, we call it Rule by this.
What is Rule by One?
An economic system in which both the government and individuals play important roles about what to produce.
What is a mixed economy?
A government in which a few powerful individuals rule.
What is an oligarchy?
A system of government where people elect leaders and representatives who speak on their behalf. There is a strict framework that controls the government.
What is a republic?
In supply and demand, what happens to something bought more and something bought less?
What is bought more is produced more. What is bought less goes away.
In a government like an oligarchy or a theocracy, where a few people are in power, we call it Rule by this.
What is Rule by Few?
In a market economy, these two groups make most decisions about what to produce.
This type of government is led by religious leaders
Single ruler exercises supreme power based on heredity or divine right.
What is a monarchy?
A political and economic system in which all property and wealth is collectively owned by all members of society.
What is communism?
When people have a say in their government, like a republic or democracy, we call it Rule by this.
What is Rule by Many?