Governments
Rule by one
Autocracy
Type of economic system where the government controls all the decision making.
Communism
A form of government in which people rule.
Democracy
The contest over and exercise of power.
Politics
A rivalrous and excludable good
Private Good
Rule by few
Oligarchy
Communism
Majority Rule
The ability to cause someone to do something he or she would not otherwise do.
Power
A nonrivalrous and excludable good such as a movie theater.
Club Good
Rule by many
Democracy
Laissez-Faire is a characteristic of this...
Capitalism
A democracy in which citizens vote directly on governmental policy.
Direct Democracy.
A few elites.
A library book is an example of a...
common good
Often becomes corrupt due to lack of accountability by the people however, is very efficient with decision making.
Autocracy
The primary goal of capitalism is....
Profit and innovation
A democracy in which citizens vote for representatives who, in turn determine governmental policy.
indirect democracy
A system of institutions, rules, and leaders for making group decisions.
Government
National defense is an example of a...
Public good
Limits political chaos because only a few groups can be in charge.
Oligrachy
Equity is a primary goal of this economic system.
Socialism
The con in democracy that may lead to the larger population to take control of every decision.
Tyranny of the Majority.
The idea that people sacrifice some of their rights in exchange for safety.
Social Contract
Someone who enjoys a good without contributing is a...
Free Rider