GOVT: Economic Systems in a Global World and the US

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Economic systems

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The means by which countries and governments distribute resources and trade goods and services.

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Political systems

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The system of politics and government in a country; it governs the rules and norms of political activities.

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Capitalism

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An economic system characterized by private or corporate ownership of capital goods, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market.

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Communism

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A political and economic ideology advocating for a classless system in which the means of production are owned communally.

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Marxism

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A social, political, and economic theory originated by Karl Marx, which focuses on the struggles between capitalists and the working class.

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Socialism

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An economic and political system where the means of production, distribution, and exchange are owned or regulated by the community as a whole.

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Fascism

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A far-right, authoritarian ultranationalistic political ideology and movement characterized by dictatorial power and forcible suppression of opposition.

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Authoritarianism

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A form of government characterized by strong central power and limited political freedoms.

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Totalitarianism

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A system of government that is centralized and dictatorial and requires complete subservience to the state.

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Role of government

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The responsibilities and functions of government in managing a country's economy and society.