Kevin's Cards about Economy & Government Flashcards
Free Enterprise System
a system in which private businesses are able to compete with each other with little control by the government
Market Economy
an economic system where economic decisions are made through the market by buyers an sellers
Command
decisions are made by a central authority
Mixed
both private and government control
Wholesale
sale of goods to retailers or other businesses
Retail
sale of goods directly to the consumer
Global Interdependence
Countries dependency on others. Ex: U.S depends on Saudi Arabia
Fascism
strong central government controlled by millitary and led by a powerful dictator ( Cuba )
Theocracy
run by religious leaders
Totalitarian
Form of government in which the ruler is an absolute dictator ( Nazi Germany )
Oligarchy
refers to the small group that runs the government
Responsibilities of Citizens
paying taxes, obeying laws, donate to charities, vote in elections, civic participation, and jury duty
