Forms of Economic Systems and Forms of Governments

________ based on need- everyone shares in wealth /ownership.

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

________: People vote for their representatives to make laws.

________: Single authority or ruler who usually takes power by force.

________: Someone who is born into power and holds all the power.

________ disagreed with capitalism because he felt it was unequal.

________: an economic system in which the means of production are controlled by the state or the people- not individuals.

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

________: Operate at the will of the government.

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

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

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

The study of how people satisfy their wants and needs

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

Operate at the will of the government

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

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

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

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

Sweden, France, Norway, Canada, Italy

everyone shares in wealth/ownership

revolutionary concept

Chine, Vietnam, North Korea, Cuba

Rule by the people

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

People vote for their representatives to make laws

Single authority or ruler who usually takes power by force

Someone who is born into power and holds all the power

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

Rules for the best of the people

The study of how people satisfy their wants and needs. Also the study of supply and demand

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

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

Operate at the will of the government. The government controls industry and agriculture and decides what goods will be produced, how those goods will be made, and the prices that consumers will pay for them.

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

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

An economic system based on private ownership of capital + factors of production.

Production and distribution of goods are determined by market. What people are willing to pay and how much the company can make.

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

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

People vote for their representatives to make laws

Single authority or ruler who usually takes power by force

Someone who is born into power and holds all the power.

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

Rules for the best of the people.

An economic system in which the means of production are controlled by the state or the people - not individuals.

A form of socialism that abolishes private ownership

French for “town dweller.” Middle class. In Communist terms, they are the people who own the means of production

The sum of all goods and services produced in a country within one year. Used to express the size of an economy.

French for “let do.” Used to describe a “hands-off” approach to the economy. Little/no government interference.

The facilities and resources for producing goods.

Workers, working-class people

Government provides financial support (to business or public need)

Wealth (money, gold & silver, stocks, bonds)