Forms of Economic Systems and Forms of Governments

Marx

________ disagreed with capitalism because he felt it was unequal.

Democracy

Rule by the people. People have the power to make laws

Constitutional Monarchy

Monarchs have limited power and there is a democracy in place for real power

Republic

People vote for their representatives to make laws

Dictatorship

Single authority or ruler who usually takes power by force

Marxism

________ only ever was a theory though it led to the creation of socialism.

Economics

The study of how people satisfy their wants and needs

Traditional Economy

People are concerned mainly with obtaining food, clothing, shelter, and other necessities

Command economy

Operate at the will of the government

Market economy

Operate in response to the laws of supply and demand and to market forces such as the scarcity of goods and resources

Globalization

The reduction of barriers to the movement of goods and services, workers, and money among nations

Economic System

a system of production, resource allocation and distribution of goods and services within a society or a given geographic area

Capitalism

an economic system based on private ownership of capital + factors of production

Examples

Sweden, France, Norway, Canada, Italy

Distribution of goods based on need

everyone shares in wealth/ownership

End of classes

revolutionary concept

Examples

Chine, Vietnam, North Korea, Cuba

Democracy

Rule by the people

Constitutional Monarchy

Monarchs have limited power and there is a democracy in place for real power

Republic

People vote for their representatives to make laws

Dictatorship

Single authority or ruler who usually takes power by force

Absolute Monarchy

Someone who is born into power and holds all the power

Totalitarian Dictator

Dictator with control over all aspects of the country and peoples lives

Benevolent Dictator

Rules for the best of the people

Absolute Monarchy

Someone who is born into power and holds all the power

Totalitarian Dictator

Dictator with control over all aspects of the country and people's lives

Benevolent Dictator

Rules for the best of the people