Types of Government

2. economies an economy in which free enterprise is combined with and supported by government decisions in the marketplace.
4. any system of government in which rule is by the people.
9. Any system of government in which the power and authority to rule are in the hands of a single individual
10. These monarchs share governmental powers with elected legislatures
11. people who own the means of production
13. one class would evolve, property would all be held in common, and there would be no need for government.
14. have complete and unlimited power to rule their people.
15. buyers and sellers were free to make unlimited economic decisions in the marketplace.
17. a French term, means “to let alone.”
18. voters are the source of the government’s authority.

1. Democracy the people elect representatives and give them the responsibility and power to make laws and conduct government.
3. socialism the people have basic human rights and have some control over government officials through free elections and multiparty systems. However, the government owns the basic means of production and makes most economic decisions.
5. any system of government in which a small group holds power.
6. The government seeks to control all aspects of social and economic life.
7. workers to produce the goods.
8. The government assumes that society will be best served by any productive economic activity that free individuals choose.
12. government owns the basic means of production, determines the use of resources.
16. the study of human efforts to satisfy seemingly unlimited wants through the use of limited resources.