Government & Economy Flashcards
Democracy - who rules?
A leader who is elected by citizens
Democracy - Rights are guaranteed by what?
Bill of Rights or Constitution
3 Countries that are a Democracy
US, Norway, Iceland
Monarchy - who rules?
King or emperor
What is an absolute monarchy?
Citizens have no rights
What is a constitutional monarchy?
Like a democracy - have rights through their constitution
3 Countries that are a constitutional monarchy
United Kingdom, Spain, Japan
3 Countries that are an absolute monarchy
Saudi Arabia, Brunei, Oman
Dictatorship - who rules an how do they rise to power?
One person who is the dictator rises to power and rules the society.
Do the people have rights in a dictatorship?
Few to no rights
3 Countries that are a dictatorship
Chad, North Korea, Africa
Oligarchy - who rules?
A few people rule the society
Do the people have rights in an oligarchy?
Few to no rights
3 Countries that are an oligarchy
Myanmar, Russia, Iran
Communism - who rules and what is it?
A type of command economy in which the government is controlled by the Communist party
Do the people have rights in communist countries?
Few to no rights
3 Countries that are communist
Cuba, China, Vietnam
What is an economy?
a system in which people produce, buy and sell things.
What is the Primary Sector?
taking raw materials from the soil or water
3 examples of activities in the primary sector
Hunting, fishing, farming
What is the Secondary Sector?
Using raw material to manufacture products
3 examples of activities in the secondary sector?
Making sushi, making furniture, baking
What is the Tertiary Sector?
Services
3 examples of activities in the tertiary sector?
Haircuts, Banking, education
What is land?
Includes all the natural resources needed to produce goods and services (apple tree)
What is labor?
The size and education level and the workforce
What is capitol?
A country’s wealth (money) and infrastructure (buildings,roads,power,goods)
What is entrepreneurship?
Someone who has the creativity and takes the risk to develop new businesses and services. (Mark, the Hat Chic)
Traditional Economy
People trade good and services without money
Free enterprise Economy
Privately owned businesses that create goods that people buy in markets.
Command Economy
The government decides what will be sold with the economy
Mixed Economy
Has elements of a enterprise and command economy
Gross domestic product (GDP)
It is the total value of the goods and services that a country produces.
