Government Types & Basics of Economics

A person, company, or country that creates/manufactures a product

Government by a small group, the group that has power can be based on race or social class.

Led by a king or queen.

Economic system based on money, individuals own businesses rather than the government

How many people want something

command economy

Democracy where citizens elect others to serve in the government.

How much of something there is

When one person has complete power or control over the government.

The United States of America is what type of government?

mixed economy

the government owns production and there is no privately owned property

Traditional economy

People are led by an elected legislature. The head of this body is called Prime Minister

Leader often shares power with other parts of the government.

free market economy

In this form of government, citizens vote to elect their leaders who make decisions for them.

People do not answer to any leader or government.

only major industries are owned by government rather than individual people and companies

With this form of government citizens often have little or no rights or freedoms.

A person who buys a product or uses a service

God and religious law are the government's authority.

Nobody is in charge in this form of government

A small group rules the country.