Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key


Play button


Play button




Click to flip

14 Cards in this Set

  • Front
  • Back
a system for producing, distributing, and consuming goods and services
What are the three basic economic systems?
1. traditional system - the people make or grow almost everything they need
2. free enterprise system - people own the businesses and companies. Prices are determined by market needs. Also called capitalism and market economy.
3. command system - the government controls how and what is produced and says how much it will cost. (socialist and communist)
What are the four categories of industries?
1. Primary industry - gathers raw materials
2. Secondary industry - makes products
3. Tertiary industry - provides services
4. Quaternary industry - provides information technology such as internet, software, and cable service
What is a monarchy?
In a monarchy, a king or queen rules the government. In modern times, most monarchies have constitutions which limit the power of the king or queen.
What is a representative government?
A representative government is a type of democracy in which the citizens elect certain people to represent them in taking care of the government decisions. It is also called a republic.
What is a dictatorship?
In a dictatorship, one person has almost complete power to rule as he or she wants. The people lose many of their rights. The dictator often rules by force.
Name the five types of government systems.
1. direct democracy
2. monarchy
3. representative government
4. dictator
5. communism
What are the differences in a developed country and one that is still developing?
A developed country has lots of industries, good education opportunities, plenty of food, and good health care for its people. A developing country does not. Its people may go hungry or suffer from lots of disease.
What are the two types of command economic systems?
1. socialist system - Most basic industries are owned and controlled by the government.
2. communist system - All industry and business is owned and controlled by the government.
people who make products

examples - baskets, autos, pianos, shoe polish, video games
products made by producers for consumers
actions people perform for pay

examples - health care, shoe polishing, hauling freight
people who buy goods and use services
What is a direct democracy?
A government in which all the citizens have a say in what happens.

example - a small town where the citizens meet and decide about everything.