Government and Economic Systems

1. Traditional Economy

1.1. traditions/customs control all economic activity

2. Market Economy

2.1. based on free enterprise, businesses are privately owned and production/prices determined by supply/demand

3. Mixed Economy

3.1. government supports and regulates enterprise through decisions that effect the marketplace

4. Command Economy

4.1. decisions about production and distribution of goods/services are made by a central authority

5. Socialism

5.1. the means of production, distribution, and exchange are owned/regulated by the community

6. Communisim

6.1. all property is publicly owned and each person works and is paid according to their abilities/needs

7. Confederation

7.1. organization of a number of parties or groups united in an alliance or league

8. Oligarchy

8.1. small select group holds power

9. Theocracy

9.1. leaders are "divinely inspired" and/or government is based on religion

10. Autocracy

10.1. one person rules with unlimited power and authority

10.2. EXAMPLES

10.2.1. Monarchy

10.2.2. Dictatorship

11. Democracy

11.1. leaders rule with consent of citizens

11.2. EXAMPLES

11.2.1. Indirect

11.2.2. Direct Democracy

12. Unitary System

12.1. all key powers are in the national or central government

13. Federal System

13.1. power is divided between national and state/provincial government