Government and Economy Social Institutions

Economic Systems Primary Sector Secondary Sector Tertiary Sector Extracting raw materials from the environment Fishing, mining, farming Secondary Sector Use of raw materials to manufacture goods Wood into furniture, manufacturing a computer Tertiary Sector Providing services Retail sales, auto repair

Economic Models Capitalism Socialism Factors of production are owned by individuals Forces of profit and competition regulate activity Socialism Most of the factors of production are owned by the government Government regulates activity

At Their Extremes Laissez-faire Capitalism Communism French term – “let the people do as they choose” Unrestricted capitalism Gilded Age/Robber Barons Communism Political and Economic System Property is communally owned No social classes Also doesn’t work

A Debate on Politics You and a partner will research one of the listed types of governments in class. Make a detailed list of its pros and cons, its strengths and weaknesses. You will need to prepare to argue in favor of the form of government that you selected against another pair in the class. Decide between the two pairs which system of government is best and be prepared to tell the class how you came to this conclusion versus the system that lost.

Parliamentary System Dictatorship Communism Democracy Absolute Monarchy Republic Theocracy