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


someone who creates a good or service;
owners and workers


things that can be bought or sold


actions or activities that one person performs for another


a person who uses goods or services


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


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


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


system that makes and enforces the rules/laws

direct democracy

everyone has a say in the running of the government


king or queen rules the government power is inherited


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


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

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