Government Types
This type of government inherits power through family lines
What is a monarchy?
This system features private ownership and free enterprise?
What is capitalism?
These rights include property ownership and free enterprise?
What are individual economic rights?
He wrote about "the natural effort of every individual to better his own condition"
Who is Adam Smith?
These two elements coexist in a mixed market economy?
What are private enterprise and government regulation?
Religious leaders and laws are the primary source of authority in this system?
What is a theocracy?
Government controls all production and bans private ownership in this system?
What is communism?
This promotes innovation & competition in the U.S. economy?
What is individual economic freedom?
This 1776 work promoted free market economics?
What is "The Wealth of Nations"?
This service type is provided alongside private business?
What are public services?
Power shared by a small group of wealthy elites describes this system?
This economic philosophy prioritizes community welfare over profits?
What is socialism?
These lead to shortages and low worker motivation?
What are communist economic policies?
This principle drives capitalism according to Smith?
What is self-interest?
This maintains oversight while allowing free market activity?
What is government regulation?
This system allows citizens to elect their leaders & participate in government?
What is a democracy/republic?
Limited economic prosperity often results from this type of control?
What is authoritarian control?
This allows individuals to make their own economic choices?
What is economic liberty?
This economic system was supported by Smith's writings?
What is capitalism?
This balance creates economic opportunity while protecting public interests
What is free market with reasonable regulation?
This economic system combines private ownership, government regulation, and public services while protecting individual rights and fostering innovation.
What is a mixed market economy?