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9 Cards in this Set

  • Front
  • Back
certain sectors of the economy are left to private ownership and free market mechanisms, while other sectors have significant government ownership and government planning
mixed economy
form of government in which political power belongs largely to one ruler, generally called a king or queen, who receives his or her position by claim or inherited right
absolute monarchy
an economic system in which decisions are all made on the basis of customs, beliefs, religion, habit, etc.
traditional economy
An economy based on the private ownership of business and allows market factors such as supply and demand to determine business strategy
market economy
government in which the country is effectively managed or governed by an organized church or religion
a government headed by an authoritarian or totalitarian government that has usually taken power by force
a form of government in which power is held by the people and in which the citizens select others to act on their behalf
presidential democracy
a system of government where the people exercise their political powers by electing representatives and then the representatives choose a legislature from among themselves
parliamentary democracy
an economy in which decisions about production and allocation are made by the government
command economy