Economics 1

16 cards
Economics 1

Several Economic Systems. Authoritarian Systems Too.

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Capitalism
 
Market determines production, distribution, and price decisions.
Regulated Capitalism
 
Has governmental procedural guarantees, whereas laissez-faire capitalism doesn't.
Socialist Economy
 
The state determines production, distribution, and price decisions; property is government owned.
Social Democracy
 
A hybrid of socialism and capitalism.
Monarchy
 
Power vested in a king or queen (Saudi Arabia)
Theocracy
 
Government claims to draw its power from divine or religious authority. (Iran)
Authoritarian Systems
 
State holds all power
Fascist Government
 
Policy is made for the ultimate glory of the state. (Nazi Germany)
Oligarchy
 
Rule by a small group of elites
Totalitarian Government
 
A system in which absolute control is exercised over every aspect of life (North Korea)
Nonauthoritarian Systems
 
The state does not hold all power
Democracy
 
Government that vests power in the people; based on popular sovereignty
Popular Sovereignty
 
The concept that the citizens are the ultimate source of political power
Elite Democracy
 
limits the citizens’ role to choosing among competing leaders
Pluralist Democracy
 
citizen membership in groups is the key to political power
Participatory Democracy
 
citizens should actively and directly control all aspects of their lives
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