Economic and Political Systems

14 terms by coreyle

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economy

the system of production and distribution and consumption of goods and services
how money is made and spent

producer

someone who creates a good or service;
owners and workers

goods

things that can be bought or sold

services

actions or activities that one person performs for another

consumer

a person who uses goods or services

capitalism

an economic system where basic and non-basic buisness are privately owned; every person for themselves

socialism

an economic system where the government owns the basic industries (education, health care, transportation) for the good of society and non-basic industries are privately owned

communism

an economic system where the government owns and controls all property for the benefit of all

government

system that makes and enforces the rules/laws

direct democracy

everyone has a say in the running of the government

monarchy

king or queen rules the government power is inherited

constitution

a set of laws that define and often limit government power

representative democracy

citizens elect representatives to run the country's affairs
power is shared; laws can be changed

dictator

total power and control over the country; they make all of the decisions

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