Module 1 Vocab - Gov

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4 Characteristics of a State

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Population, Territory, Government, and Sovereignty

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Sovereignty is

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Power or authority

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4 Characteristics of a Government

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Order, Services, Security, Economy

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Economy is

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Wealth and resources of a country or region.

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Capitalism is

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an economic system where trade and industry are controlled by private owners for profit.

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Laissez-Faire is

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An economic system where private transactions are free from government intervention.

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Mixed economies

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Combination of command and market economies

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Socialism is a political and economic theory advocating community ownership or regulation of production, distribution, and exchange.

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A political and economic theory which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.

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Command economies

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Controlled by the government

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Force Theory of government

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Government formed through violence for survival.