13 terms

Gov't and Economics

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Economy
A system in which people make, exchange and use things that have value
Communism
A political/economic system characterized by a centrally planned economy
Socialism
A social and political philosophy based on the belief that democratic means should be used to evenly distribute wealth throughout a society
Capitalism
an economic system based on private property and free enterprise
Supply and Demand
an economic concept that states that the price of a good rises and falls depending on how many people want it and depending on how much of the good is available
Traditional
Economic decisions are made by customs, religion, and other ideas handed down generation to generation.
Mixed Economy
capitalism with some socialist gov't regulation
Democracy
Government by the people
Republic
A form of gov't in which the people select representatives to govern them & make laws
Monarchy
A form of autocracy with a hereditary king or queen exercising supreme power
Theocracy
A gov't controlled by religious leader
Anarchy
A lack of gov't and law; confusion
Totalitarian
A form of gov't in which the ruler is an absolute dictator (not restricted by constitution, laws, or opposition)
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