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NAME DATE CLASS Reading Essentials and Study Guide networks Chapter 1 Foundations of Government Lesson 3 The Role of Government in Economic Systems ESSENTIAL QUESTION What is the role of government in different types of economic systems? Reading HELPDESK Academic Vocabulary regulation rule or procedure that has the force of law consumers people who purchase and use goods and services Content Vocabulary coonomics the study of how people and nations use their limited resources to attempt to satisfy wants and needs capitalism an economic system in which private citizens own and use the factors of production in order to generate profits free market economic system in which buyers and sellers make free choices in the marketplace free enterprise the opportunity to control one's own economic decisions laissez-faire the philosophy that government should keep its hands off the economy mixed coonomy a system in which the government regulates private enterprise socialism an economic system in which the government owns the basic means of production, distributes the products and wages, and provides social services such as health care and welfare democratic socialist a socialist who is committed to democracy but wants government involvement in the distribution of wealth command economy an economic system in which the government controls the factors of production communism an economic system in which the factors of production are collectively owned and the central government directs all major economic decisions bourgeoisie capitalists who own the means of production proletariat workers who produce the goods TAKING NOTES: Integrating Knowledge and Ideas CLASSIFYING Use the graphic organizer to explain the role of government in different types of economic systems Role of Government in Capitalism, Socialism, and Communism Capitalism Socialism Communism Government's role Government involvement Examples of countries with this type of economy