| A | B |
|---|
| capitalism | most basic & non basic business are privately owned. |
| socialism | Most basic industries are government owned. |
| communism | All property is owned by the government, including farms and factories for the good of the people. |
| basic business | essential for a nation to function, like transportation, electricty, etc. |
| Non-basic business | Nice, but not necessary. TV companies, sporting goods, etc. |
| direct democracy | everybody participates in all government decisions |
| monarchy | King or Queen rules the government |
| constitution | set of laws that define and limit the governments power |
| representative democracy | citizens elect representatives to run the government. |
| constitutional monarchy | King or Queen is more of symbol and does not have much real power. Example - Great Britain |
| aristocracy | a government ruled by a group of people who are considered superior either by education, wealth, etc. |
| oligarchy | A government by an elite ruling class. government by the few |
| dictatorship | A government where one person has complete power over the government. |
| goods | products such as shoes or cars |
| services | producers perform these for other people. like styling hair |
| consumers | people who buy things |
| producers | people who make products or provide services |
