How can we help?

You can also find more resources in our Help Center.

14 terms

Economic and Political Systems

STUDY
PLAY
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