Block test governments and economics

Authoritarian

Favoring/enforcing strict obedience to authority, at the expense of personal freedom. (china)

How many ppl rule in a autocratic gov?

1

Totalitarian

Authoritarian type of gov. that does not tolerate different opinion and controls many aspects of life. (north korea)

Fascism

Gov. forcibly suppresses opposition and critism. (hitler)

Theocracy

Government operated by religious authorities who claim unlimited power in the name of god or a divine power. (Vatican city)

Absolute monarchy

King or queen in complete control over decision making process. (pope)

Constitutional monarchy

King or queen limited by constitution, or set of rules, that makes them subject to the rule of law. (queen elizabeth)

Adv. and dis. of autocratic gov.

Adv- leader could be good, quick decision making

Dis- Abuse of power, bad leader, decisions not for common good

Most common form of gov.

Monarchy

Whats an anarchy

All rules or none rules (the purge)

Whats an oligarchy

Small group of people rule

Who has power in a democracy?

The people

Direct democracy, adv, dis

Everyone participates in gov.

Adv- Everyone has a say, creates discussion

Dis- People can be uninformed, can choose not to vote

Representative democracy, adv, dis

Members elect officials to represent the gov. and decide whats best

Adv- Everyone has a say, creates discussion

Dis- People can be uninformed, can choose not to vote

Presidential representative democracy (USA)

Executive branch is selected by the people

Parliamentary representative democracy

Prime minister is elected by legislative branch

What type of democratic gov. is most popular?

Parliamentary representative gov.

Three productive resources

Land- Oil

Labor- Doctor

Capital- Clothes

Three economic questions everyone has to answer?

What will be produced?

How will it be produced?

For whom will it be produced?

Market/capitalist economy, adv, dis

Gov. based on supply and demand

Adv- Efficient, fair competion

Dis- Market failures, cant work but still need money

Traits of capitalist economy

1) Private property rights

2) Markets and prices

3) Incentives/self interest

Whats a laissez-faire?

No rules, regulations by gov, capitalism that opposes gov.

Mixed economy/socialist economy, adv, dis

Gov. controls majority of means of production

Adv- Freedom of choice

Dis- Hard to find happy medium

Traditional economy, adv, dis

Economy based on tradition (farming)

Adv- Easier to learn

Dis- Hard to live up to standard

Command economy/communist economy, adv, dis

Gov. own and controls everything

Adv- Gov makes all decisions

Dis- Power can be abused

Opportunity cost and example

Potential benefit and individual misses out on

Ex-Getting paid to pick up poop or going to hang with your friends instead, opportunity cost is that you lost out on money bc you went with your friends

Incentive and example

Set of external motivations that explains peoples choices

Ex- Giving employies a bonus bc they reached a goal