Government and Economics Flashcards

Study Notes

Government Types

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.

Economic Concepts

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.

Description

Test your knowledge of key terms in government and economics with these flashcards. This quiz covers various forms of governance and political structures, helping you understand the basics of power and representation in society.