World Cultures Flashcards
traditional economy
It is an economy in which people make economic decisions based on their group’s costumes and values.
command economy
an economy in which production, investment, prices, and incomes are determined centrally by a government.
market economy
an economic system in which production and prices are determined by unrestricted competition between privately owned businesses.
mixed economy
an economic system combining private and public enterprise.
democracy
a system of government by the whole population or all the eligible members of a state, typically through elected representatives
authoritarian government/dictatorship
a ruler with total power over a country, typically one who has obtained control by force.
unitary system
a system of political organization in which most or all of the governing power resides in a centralized government, in contrast to a federal state
federal system
a system of government in which the same territory is controlled by two levels of government.
