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Political and Economic Systems
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Levels of government Unitary System: gives all key powers to the national or central government Federal System: Divides the powers of government between the national government and the state or provincial governments
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Autocracy Types of government
Autocracy: Any system of government in which the power and authority belong to a single individual Monarchy: A system where a King or Queen exercises the supreme powers of government Autocracy Monarchy Saudi King
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Oligarchy Types of government
Oligarchy: any system of government in which a small group holds power. Group of leaders: China Communist party
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Democracy Types of government
Democracy: any system of government in which leaders rule with the consent of their citizens Democracy Direct Democracy: Iceland, Propositions Republic: USA, UK
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Economy Traditional Economy: habit and custom determine the rules for all economic activity
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Economy Market Economy: an economic system based on free enterprise, in which businesses are privately owned, and production and prices are determined by supply and demand. Mixed Economy: a system of resource management in which the government supports and regulates enterprise through decisions that affect the marketplace.
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Economy Command Economy: system of resource management in which decisions about production and distribution of goods and services are made by a central authority
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