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Ch. 3 Vocab. test

ECS 7th grade-Types of goverments and economic systems

Sovereignty A country's freedom and power to decide on policies and actions.
Unitary One central government holds most of the political power.
Federal Relating to a union of states that recognize a single central government but retain certain powers for themselves
Confederation Individual political units keep their sovereignty but give limited power to central government.
Authoritarian One person (a dictator) holds all political power.
Dictatorship One person holds absolute power.
Totalitarianism A central authority controls all aspects of society.
Monarchy Authoritarian goverment headed by a monarch, whose position is usually inherited.
Constitutional Monarchy Monarch plays a SYMBOLIC role while real political power restes with an ELECTED law making body.
Democracy The people help to choose their leaders and elected representatives and determine goverment policy based on the will of the MAJORITY.
Capitalist ECONOMIC system where means of production are controlled by PRIVATE individuals or corporations.
Market Economy ECONOMIC system where most goods and services are produced and distributed through the FREE MARKET.
Communism System where the GOVERMENT controls the means of PRODUCTION in every aspect.
Socialism System where the GOVERNMENT OWNS, manages or controls the production, distribution, or exchange of goods in basic industries.
Created by: joally