Economic Systems / Systems of Government

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

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

The way goods and services are produced and consumed

What one gives up in order to gain something else

Bartering is used in this type of economic system

This means rule by one

The Imbalance between unlimited wants and limited resources

Small scale industry in which people produce goods from the home

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

THis means rule by few, or a small group

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

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

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

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

Leaders are elected by citizens 

Mass production of goods that can be produced easily

Items needed to provide for basic goods and services

People have the power in this type of government

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

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

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

In which type of economy does Private Property NOT exist?

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

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

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

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

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

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

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