Table of Contents The first three pages (front and back) of your notebook will be your table of contents. Write “Table of Contents” at the top of the first three pages (front and back). Your first entry in your table of contents will be “Chapter 1” – Economics and Government.” Page 1 – Economy & Government Study Guide Page 2 – Bellwork Page 3 – Types of Government Foldable Page 4 – Branches of Government Chart Page 5 – Economics Foldable

Types of Government Limited Government Unlimited Government Government actions are limited by law. Work to protect the common good & provide for people’s needs. Constitution – system of basic rules and principles by which a government is organized. Little to no effective limits on government action. Ruler or small ruling group has power to make all decisions for country or society. Tyranny – unjust use of power May censor or restrict citizens’ access to the internet & other communication.

Example: United States Democracy Example: United States Citizens hold political power – citizens are ultimate sources of government power & authority. In a representative government – citizens elect representatives to make their government decisions. The law applies equally to all citizens, including the government. In a democracy, the government’s power is limited.

Monarchy Absolute Monarchy: Saudi Arabia Constitutional Monarchy: United Kingdom State is ruled by monarch & power is inherited by family members. Absolute monarchies – have total power. Constitutional monarchies – limited by law & share powers with other branches of government Can be limited or unlimited.

Authoritarian Example: North Korea All power is held by one person or small group. Ruler controls all aspects of life. Dictatorship – one person has absolute power, their power is not restricted, they often use the military to enforce their will, and they control all aspects of citizens’ lives. Communism – government plans and controls the laws and economy with no input from the people, no private property, all wealth and goods are shared by the government equally among the people.

Branches of Government Legislative branch – part of government that creates the laws. It is made up of the House of Representatives and the Senate. Executive branch – part of government that ENFORCES the laws. It is made up of the President and his cabinet. Judicial branch – part of government that INTERPRET the laws. It is made up of the Supreme Court and other smaller courts. They can strike down laws that violate the constitution.

Today’s Objective I will… Describe basic economic concepts, and compare Traditional, Command, and Market Economies.

Economic Basics Economics - the study of how people meet their wants and needs. There is no limit to the things that people want, but there are limits to what can be created. Supply – the amount of good or service that is available for use. Demand – the desire for a certain good or service. Barter – exchanging goods without using money (trading)

Traditional Economies Who makes the economic decisions? How do they make their decisions?

Command Economies Who makes the economic decisions? How do they make their decisions?

Market Economies Who makes the economic decisions? How do they make their decisions?