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