20-21 Government Types & Basics of Economics

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

A small group rules the country.

A person who buys a product or uses a service

How much of something there is

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

In this type of government the King or Queen do NOT hold much (if any) power.

How many people want something

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

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

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

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

The United States of America is what type of government?

the government owns production and there is no privately owned property

Market economy

Nobody is in charge in this form of government

Led by a king or queen.

mixed economy

People do not answer to any leader or government.

command economy

Democracy where citizens elect others to serve in the government.

God and religious law are the government's authority.