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