Political and Economic Systems

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Autocracy

Back

A system of government in which the power to rule is in the hands of a single individual.

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Bourgeoisie

Back

Capitalists who own the means of production.

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Capitalism

Back

An economic system providing free choice and individual incentives for workers, investors, consumers, and business enterprises.

Front

Command Economy

Back

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

Front

Communism

Back

An economic system in which the central government directs all major economic decisions.

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Democracy

Back

Government in which the people rule.

Front

Free Enterprise

Back

The opportunity to control one’s own economic decisions.

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Free Market

Back

An economic system in which buyers and sellers make free choices in the marketplace.

Front

Laissez-faire

Back

Philosophy that government should keep its hands off the economy.

Front

Monarchy

Back

An autocracy in which a king, queen, or emperor exercises supreme powers of the government.