Section 3: Political & Economic Systems Flashcards

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1
Q

Unitary System

A

Gives all key powers to the national or central government.

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2
Q

Federal System

A

Divides the powers of government between the national government and state or provincial governments.

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3
Q

Autocracy

A

Any system of government in which the power and authority to rule belongs to a single individual.

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4
Q

Oligarchy

A

Any system of government in which a small group holds power.

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5
Q

Democracy

A

Any system of government in which leaders rule with the consent of the citizens.

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6
Q

Traditional Economy

A

Habit & custom determine the rules for all economic activity.

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7
Q

Market Economy

A

Individuals and private groups makes decisions about what to produce.

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8
Q

Mixed Economy

A

One in which the government supports and regulates free Enterprise through decisions that affect the market-place.

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9
Q

Command Economy

A

The government owns or directs the means of production- land, labor, capital, and business managers- and controls distributions of goods.

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