Political and Economic Systems

Front

Also called a capitalist economy. All economic decisions are made by businesses and consumers (NO GOVERNMENT INVOLVEMENT).

Back

Free

Front

All economic decisions are made by continuing to do things the way they’ve always been done. (Ex: Inherit land from parents)

Back

Traditional

Front

Also called a socialist economy. Economic decisions are shared between the government and people.

Back

Mixed

Front

Also called a communist economy. All economic decisions are made by the government.

Back

Command

Front

What is a disadvantage of a command economy?

Back

Government controls what people buy and sell

Front

What is an advantage of a free market economy?

Back

People can buy and sell what they want.

Front

Mexico is an example of a(n) ________, because it is transitioning from a primarily agricultural economy to an economy primarily focused on manufacturing and industrial activities.

Back

newly industrialized country

Front

The political system in which a hereditary king or queen has the power

Back

Monarchy

Front

The political system in which leaders are chosen to rule with the consent of the citizens

Back

Democracy

Front

The political system in which those who rule are regarded as divinely inspired.

Back

Theocracy