Africa Flashcards
What are the 4 types of economic systems?
- Traditional
- Capitalism
- Socialism
- Communism
What are the features of Traditional Economy?
- used by earlier civilizations and less developed countries
- Subsistence living
What are the features of Capitalism?
- free market system
- private ownership of property and/or business
What are the features of Socialism?
a theory of advocating some government control (regulation) of economic activity.
What are the features of Communism?
Higher stage of socialism
Socialism of Steroids
Which economic system has classes?
Capitalism
What kind of economic system does the U.S have?
Mixed economy, Capitalism+Socialism
What do capitalists use to demonize communism?
Propaganda
What is the definition of political systems?
A system of government; a form of rule over people.
What are the different governmental systems? (8)
- Democracy
- Autocracy
- Oligarchy
- Theocracy
- Fascism
- Plutocracy
- Anarchy
- Monarchy
What are the basic features of Democracy?
- Direct
-Everyone has a say in government
Ex: Ancient Greese - Republic
-Representatives
Ex: USA
What are the basic features of Autocracy?
- Totalitarian
- Has a supreme leader
- government tries to control everyone’s life
What are the basic features of Oligarchy?
Led by a group of people
What are the basic features of Theocracy?
Ruled by religion
What are the basic features of Fascism?
Led by a dictator
What are the basic features of Plutocracy?
Ruled by the wealthy
What are the basic features of Anarchy?
No government
What are the basic features of Monarchy?
- Absolute Monarchy
-ALL POWERFUL
Ex: King Salman - Constitutional or limited
-little or no power
Ex: Canada
What is the role of government?
To serve and protect
What are 4 ways we are globally connected?
- Transportation
- Economics
- Communication
- Migration
What % of trade travels by water?
90%
Who are the top 5 trading partners with the U.S
- Canada
- China
- Mexico
- Japan
- Germany
Define Globalization
How trade and technology have made the world into a more connected and interdependent place.
How does supply and demand work?
Explains the interaction between the sellers of a resource and the buyers for the resource