Political and Economic Systems

Front

Capitalism

Back

An economic system in which private citizens own and use the factors of production in order to generate profits

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Unitary System

Back

A government that gives all key powers to the national or central government

Front

Socialism

Back

An economic system in which the government owns the basic means of production, distributes the products and wages, and provides social services such as health care and welfare

Front

Confederacy

Back

A loose union of independent states

Front

Bourgeoisie

Back

Capitalists who own the means of production

Front

Command Economy

Back

An economic system in which the government controls the factors of production

Front

Communism

Back

An economic system in which factors of production are collectively owned and the central government directs all major economic decisions

Front

Democratic Socialist

Back

A socialist who is committed to democracy but wants government involvement in the distribution of wealth

Front

Economics

Back

The study of how people and nations use their limited resources to attempt to satisfy wants and needs

Front

Free Enterprise

Back

The opportunity to control one's own economic decisions