Government and Economics Flashcards

Study Notes

Monarchy: Power is held by a king or queen.
Oligarchy: Governance is led by a small, elite group with all authority.
Representative Democracy: Citizens elect representatives to make decisions on their behalf.
Democracy: Political power rests in the hands of the citizens.
Junta: A governing body formed by a group that seized control through force.
Dictatorship: Centralized power resides with a single leader, who maintains total control over citizens' lives.
Theocracy: Government system where God is recognized as the supreme authority, influencing laws and governance.
Direct Democracy: Citizens participate directly in the daily operations and decisions of government.
Anarchy: A state characterized by the absence of governance, where individuals are not bound by any political or legal authority.
Autocracy: Governance is controlled by one individual.

Resources: Supplies, skills, or aids essential for fulfilling needs.
Production: Refers to the creation of goods and services.
Consumption: The buying or using of goods and services by individuals or groups.
Needs: Fundamental requirements for human survival, such as food, shelter, and clothing.
Wants: Desires for non-essential items that enhance lifestyle but are not crucial for survival.
Supply: The total amount of a product or service available in the market.
Demand: The desire and willingness of consumers to purchase a product or service.
Scarcity: A situation where resources are limited in availability, leading to competition for their use.
Traditional Economy: An economic system based on customs, where people trade and produce for their subsistence needs.