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World History
Forms of Economic Systems and Forms of Governments
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World History
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FormsOfGovernments
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27 Terms
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1
Marx
________ disagreed with capitalism because he felt it was unequal.
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2
Democracy
Rule by the people. People have the power to make laws
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3
Constitutional Monarchy
Monarchs have limited power and there is a democracy in place for real power
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4
Republic
People vote for their representatives to make laws
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5
Dictatorship
Single authority or ruler who usually takes power by force
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6
Marxism
________ only ever was a theory though it led to the creation of socialism.
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7
Economics
The study of how people satisfy their wants and needs
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8
Traditional Economy
People are concerned mainly with obtaining food, clothing, shelter, and other necessities
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9
Command economy
Operate at the will of the government
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10
Market economy
Operate in response to the laws of supply and demand and to market forces such as the scarcity of goods and resources
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11
Globalization
The reduction of barriers to the movement of goods and services, workers, and money among nations
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12
Economic System
a system of production, resource allocation and distribution of goods and services within a society or a given geographic area
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13
Capitalism
an economic system based on private ownership of capital + factors of production
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14
Examples
Sweden, France, Norway, Canada, Italy
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15
Distribution of goods based on need
everyone shares in wealth/ownership
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16
End of classes
revolutionary concept
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17
Examples
Chine, Vietnam, North Korea, Cuba
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18
Democracy
Rule by the people
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19
Constitutional Monarchy
Monarchs have limited power and there is a democracy in place for real power
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20
Republic
People vote for their representatives to make laws
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21
Dictatorship
Single authority or ruler who usually takes power by force
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22
Absolute Monarchy
Someone who is born into power and holds all the power
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23
Totalitarian Dictator
Dictator with control over all aspects of the country and peoples lives
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24
Benevolent Dictator
Rules for the best of the people
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25
Absolute Monarchy
Someone who is born into power and holds all the power
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26
Totalitarian Dictator
Dictator with control over all aspects of the country and people's lives
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27
Benevolent Dictator
Rules for the best of the people
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