The intrinsic value, theoretical price or fundamental value of an asset, is the value that is obtained taking into account all the components that surround an asset, including tangible and intangible elements. It is also sometimes known as real value.

The difference between representative government and responsible governments depends on the nature of the legislature and the relationship between it and the executive. If the legislature is elected by the people, the system of government is representative and this is the ordinary system in all democracies, except in one-party states. In one party states where there is only one officially-recognized political party, there is no real choice between candidates and programmes.