Economic Systems of Government Flashcards
(30 cards)
What is a Federal Government?
The regional government and the central governments have equal power, and the power flows back and forth between both.
What is a Unitary Government?
The central government has more power than the regional governments and delegates just enough power to the regional governments for them to function.
What is a Confederal Government?
There are strong regional governments and a weak central government. The power flows from the regional governments to the central government.
What is sovereignty?
Supreme power of authority; the authority of a state to govern itself or another state.
What is a system of government?
How power is distributed by the government between the central and state authorities.
What is Capitalism?
All means of production are controlled by private companies or individuals and the government has no say.
What is Socialism?
The government controls larger aspects of means of production, but there is still private ownership.
What is Communism?
The government controls all means of production and the distribution of goods and services.
What is a command economy?
(planned economy)
The government dictates what is made and how much it is sold for.
What is a market economy?
The price of goods is set by supply and demand and not governmental control.
What is a mixed economy?
A mix of capitalism and socialism; people still trade what they want, but the government sets the price.
What is free enterprise?
Private businesses operate without governmental control.
What is an economic system?
How a government controls the economy.
What are economic indicators?
Information that is used to determine how the economy is doing.
What is means of production?
Any materials, tools, labor, and other instruments used by workers to make products.
What is an absolute monarchy?
One ruler, usually a king or a queen
Anarchy
No laws, rulers, or government
What is authoritarianism?
Government abuses its power to control people’s lives
What is an autocracy
One person, who got their unlimited power through violent means
What is a constitutional monarchy?
A monarch’s power is restricted by a constitution.
What is a constitutional republic?
Citizens vote, and the government’s power is limited by a constitution.
What is a democracy?
Everyone holds the power, under the law
What is a dictatorship?
One person has absolute control over a country, keeping power through violent means. It is a form of autocracy
What is a direct democracy?
People vote on all issues directly
