Economic Systems / Systems of Government

In which type of economy does Private Property NOT exist?

Government Leaders Decide what goods to produce, how to produce them, and who gets the goods.

Mass production of goods that can be produced easily

What one gives up in order to gain something else

Predictable transition of power, and the leaders can react quickly to problems (absolute power)

System of Government in which the people have no voice in choosing their leader

People elect the legislature, then the legislators elect the chief executive 

Which of the following IS NOT one of the three basic economic questions?

People have the power in this type of government

The way goods and services are produced and consumed

Items needed to provide for basic goods and services

This means rule by none.  The country would be a in a state of chaos

The Imbalance between unlimited wants and limited resources

In this type of government, leaders can be removed at any time by a vote of no confidence

Citizens elect both members of the legislature, and the chief executive

THis means rule by few, or a small group

Farming that meets the basic needs of an individual and the individual's family

Concept used by Kings of the Middle Ages to justify their rule 

Leaders are elected by citizens 

When supply is high, but demand is low what happens?

This means rule by one

What are considered the "market forces" in a market economy

Laws of supply and demand determine what gets produced in this system 

The mutual relying of people to people or country to country

When there is low supply, but high demand, what happens in the market economy

Strong bond between citizens, but strict laws don't support differences in opinion

This aspect of the market economy often leads to better stuff and lower prices

Small scale industry in which people produce goods from the home

Bartering is used in this type of economic system

In this type of government, power is inherited from your parents