Definitions Global Perspectives Flashcards
Socialism
Collective or governmental ownership and administration of the means of production and distribution of goods.
Communism
The theory that private property should be eliminated and goods are owned in common and are available to people as needed.
Traditional economy
Economic system in which the means is the result of ritiual, habit or custom.
Cash crop economy
Economy based on the raising and selling of one or more crops
Command Economy
Economic system in which the means of production is owned by the state.
Mixed Economy
Economic system with both private and state run enterprises (companies)
Market Economy
Economic system in which the means of production is owned and operated for profit.
Per capita income
THe total national income divided by the population of the nation.
Dictatorship
One person rule. One person has total control. Including absolute monarchs.
Oligarchy
Government in which a small number of people have all of the power.
Democracy
Government in which all citizens have direct rule making power.
Direct democracy
Government in which all citizens have equal power in decision making
Representative democracy
Government in which people elect representatives who hold decision making power.
Republic
form of government in which a state is ruled by representatives of the citizen body.
Theocracy
Form of government in which priests or religious leaders serve as kings.
