Government & Economics

The creativity and risk needed to develop new goods and services

Object is produced, traded, bought or sold, then consumed. ex) food, clothing, toys, furniture

How many rule in a democracy?

Things that come from nature...

What would a citizen of a dictatorship likely be allowed to do?

Which of the following types of government does NOT apply to the USA?

Government can do whatever they want. Government has total power.

A person who purchases goods and services for personal use.

A system in which people produce, sell, and buy things

The money required to start/run a business

How many people rule in an oligarchy?

A country with a constitution giving the government certain powers. (Citizens have power)

Government determines goods produced, prices of goods, services provided & wages of workers; consumers have no choice.

Small group of leaders make decisions for the group.

Consumer’s purchase goods & services & willingness to pay price for specific good/service (supply & demand)

The people required to work and produce a good

An action a person does for someone else.  ex)medical check-ups, mail delivery, car repair

One person runs the government.

A country’s wealth and infrastructure (buildings, roads, power supplies)

Market economy + command economy =

How many rule in an autocracy?

In which system of government are citizens' rights most easily taken away?

A system of production where goods and services are produced directly for use (vs. producing for profit)

Military and civilian personnel, facilities, equipment, and supplies

An electoral system where citizens vote to elect others to represent them.

Everyone gets decision making power.

People are free to buy and sell, consumers have choices (high quality and low price)