Study Guide for US Government Ver.2

Capitalism meaning:

• Often thought of as a capitalist system in which private actors own and control property in accord w/ their demand and supply freely set prices in markets in a way that can serve the best interests of society.

• Often thought of as an economic system in which private actors own and control property in accord w/ their interests, and demand and supply freely set prices in markets in a way that can serve the best interests of society. The essential feature of capitalism is the motive to make a profit.

Majority rule meaning:

• The principle that the greater number should exercise greater power

• A method where the choice with the least votes wins.
• A system where all votes are counted equally regardless of majority.
• A rule that requires unanimous consent for decisions.

Command meaning:

• - The government controls and owns all the factors of production

  - People have very limited choice of goods and services and no customer sovereignty

• - List the command in plain text.

  - Provide a detailed explanation in XML format.

What are the 5 types of Government and who controls them?

• - Dictatorship (military leaders)

  - Technocracy (experts)

  - Plutocracy (wealthy individuals)

• Democracy (people), Autocracy (individual), Oligarchy (small group), Monarchy (king/queen), Theocracy (religious leaders)

Oligarchy meaning:

• A system where one leader has absolute power.
• A system of government where a group of people rule and have the power to serve their own interests.

• A form of government where citizens vote directly on laws.
• A political structure where power is distributed equally among all citizens.

an economic system in which a country’s industry and trade are controlled by private owners, not the government

• capitalism

• laissez-faire

• regulate

• entrepreneur

Direct Democracy meaning:

• Direct democracy allows only government officials to vote on laws.
• Direct democracy is a system where representatives make decisions for citizens.
• A form of democracy where all citizens vote on all matters.

• Direct democracy is a method of electing leaders through a parliamentary system.

Adam Smith: The Wealth of Nations

• Communism

• Capitalism

Representative Democracy:

• A government system where citizens vote directly on laws and policies.
• A form of government where a single ruler has absolute power.
• A political system where decisions are made by a small group of elites.
• A system of government where citizens elect representatives to make decisions on their behalf.

Freedom of the press Class distinctions: upper class, middle class and working class

• Communism
• Capitalism