Economic Systems
An economic system based on private ownership and free markets.
What is capitalism?
A government led by a king or queen.
What is a monarchy?
A government where the people have the power to vote.
What is democracy?
A written document that outlines how a government works.
What is a constitution?
A single person with absolute power over a state.
What is a dictator?
An economy where the government makes all decisions.
What is a government-controlled economy?
A form of government in which a small group holds power.
What is an oligarchy?
A democracy where people elect representatives to make decisions.
What is a republic?
The rules and structure of a society’s government.
What is government?
A measurement of all goods and services produced in a country.
What is Gross Domestic Product (GDP)?
An economy in which supply and demand determine prices.
What is a market economy?
A government ruled by a single leader with total control.
What is a dictatorship?
A democracy can also be described using this term for a system with a constitution and elected officials.
What is a constitutional democracy?
A principle of democracy where no one is above the law.
What is rule of law?
A government where the people do not elect their leader.
What is a monarchy or dictatorship?
A system where the government owns major industries but allows some private business.
What is socialism?
The law-making body in a parliamentary system.
What is parliament?
This term contrasts with dictatorship and gives citizens a voice.
What is democracy?
A system that limits powers between different government branches.
What is checks and balances?
The body that often shares power with a monarch in the UK.
What is parliament?
A system where all property is publicly owned and each person works and is paid according to their abilities and needs.
What is communism?
A system with elected leaders and no monarch.
What is a republic?
In a republic, this document outlines the structure of the government.
What is the constitution?
The founding document of the United States government.
What is the U.S. Constitution?
A type of government where control is shared by a few powerful individuals or families.
What is an oligarchy?