Government and Economy Concepts

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Theocracy

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Government under the rule of religious leaders

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Direct Democracy

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A democracy in which the people assemble to make major government decisions by a majority vote

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Republic

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A democracy in which people elect representatives to make decisions on their behalf; equals Representative Democracy

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Monarchy

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Government in which power is passed down hereditarily, ruled by a king or queen.

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Dictatorship

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Form of rule in which one person or a small group of people holds power and are not responsible to the will of the people

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Oligarchy

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Government where a small group of powerful people make most decisions for their own benefit

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Anarchy

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Absence of government

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Autocracy

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A system of government by one person with absolute power.

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Market Economy

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Supply and demand often determine prices; Personal choice on all consumer goods; Competition for best products occurs; Self-interest over overall good of society

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Command Economy

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Central government controls large portions of the economic activity; Government controls natural resources; Government monopoly over major industries; Personal choice is often limited