Types of Economy + Government
The types of economy and government for the Landon 7th grade Geography class
Terms
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- Democracy
- Elections, Many Freedoms, Vote
- Monarchy
- King + Queen, Blood/Birth rule, Many freedoms
- Traditional
- 3rd World, Short term survival, remote locations
- Primary
- Provide raw materials to others
- Quaternary
- Experts, highest form of economic activity
- Secondary
- Converts raw materials into finished products
- Capitalism
- Private ownership, free trade, competition, Supply +Demand
- Dictatorship
- Leaders take power by force, very few freedoms, Government controls everything
- Tertiary
- Buying and selling of goods
- Communism
- Leaders take power by force (appointed), Few freedoms, Economy controlled by government
- Communism
- Lack of Motivation, Rewards, Incentives,