Lesson & Quiz 05 – Overview of America

When exiting the Constitutional Convention, Ben Franklin was asked by a woman as to what kind of government they had created. He said, “A ____________ Ma’am, if you can keep it.”

The contrast in Governmental Political Systems is _________ government control on the far left and ________ government control on the far right.

The five basic forms of government are:
a. ___________ – Ruled by a Single Individual
b. ___________ – Rule by a small group
c. ___________ – Rule by the majority
d. ___________ – Rule by Law
e. ___________ – No rule

The proper amount of government makes everyone __________.

The proper role of government is to ___________ the rights of the people.

The word ______________ does not appear in the Declaration of Independence or the United States Constitution.

The essence of freedom is the proper limitation of government. When government power __________, the people’s freedom _____________.

Economic Systems

 _______________ is the means of production.

Capital includes__________, __________, __________ and __________for investment.

In the truest sense of the word “capital,” all economic systems are capitalistic systems. The difference is______ _______ the capital.

The ____________ owns the capital in communist countries and consequently are state controlled monopolistic systems. The ___________ own the capital in competitive free market economies.

The _____ _________ is a self-regulating system where all parties are completely free to transact with one another. The government only steps in to punish those guilty of force, fraud or injury.

Private property means ownership of__________, ___________, ___________ and the ability to __________.

In a free market, Capital is ______________ privately and _______________ privately.

___________ of property is key. Ownership of property and freedom go hand in hand. There is an old saying, “He who owns the tools makes the rules.”

Competition results in _______________ and always has.

Economic systems range from ____________ government control on the left and a _______ market on the right.

In the last century, there have been basically four forms of state controlled economic systems.
a. __________________ – The government doesn’t own businesses on paper, but does
control them through various regulatory agencies.
b. __________________ – In addition to controlling businesses through regulatory
agencies, the government nationalizes (owns) some of the major corporations.
c. __________________ – In addition to point a & b, the government owns major
industries like transportation, communication and utilities.
d. __________________ – All capital is owned and controlled by the state. People are
even considered capital.