Economics Flashcards
unitary system
gives all key power to the national government
federal system
divides power between national and state government
autocracy
rule by one person
what is the oldest and most common form of government
autocracy
totalitarian dictator
controls every aspect of life
example of totalitarian dictator
kim jong un (North Korea)
absolute monarchy
are ruled by a few people
communist country
China
Democracy
ruled by the people
what Greek words mean people rule
Demos Kratin
Demos Katin means
the people rule
direct democracy
nonexistent basically// The people decide on every thing literally
representative democracy (what we are)
we elect people with unlimited terms to represent us
Economic Systems
- ) what and how many goods and services should be produced
- ) How they should be produced
- ) who gets the goods and services produced
traditional economys
Habits and Customs determine the rule of economics, not customer preferences