Chapter 3-4 Flashcards
1
Q
Economics
A
The science that tries to satisfy unlimited wants with limited resources
2
Q
Free enterprise
A
Being able to choose ones economic decisions and therefore make political decisions
3
Q
Capitalism
A
Private ownership
4
Q
Free market
A
People can’t decide what to do with their money and resources
5
Q
Laissez faire
A
Government doesn’t control/ regulate business
Means “hands off”
6
Q
Socialism
A
Sharing the wealth/ government owns means of production
7
Q
Proletariat
A
Working class
8
Q
Bourgeoisie
A
Capitalists
9
Q
Communism
A
Complete government control ( they have a command economy)
10
Q
Command economy
A
Government makes all decisions
11
Q
Autocracy
A
Ruled by 1
12
Q
Oligarchies
A
Ruled by few
13
Q
Representative democracy
A
(U.S.) elected officials makes all decisions
14
Q
Democracy
A
Ruled by many
15
Q
Political parties
A
Republicans
Democrats
