The government page features the option to hold an election and the ability to edit the settings of your government. To hold an election click the 'Call Election' button towards the bottom of the page. An election can be held every 3 days.
The Government Edit
The government in Project Terra is comprised of four political parties and 'independent seats'. It is impossible to lose an election, but the number of seats you gain from an election allows you to pass laws easier, especially controversial ones such as 'Declaration of National Dictatorship', which would effect how the government is run. However these types of laws have no effect on the government screen as of yet.
For more information of what the types of laws are, head over to the Laws page.
It is possible to change the name of your political party and the others in the 'options' section of the Government page. You can change the name of any party to whatever is pleased, with there currently being no limit to how many characters each name can be. There is also the ability to change the name of the Chamber to whatever the player wishes as well. Changing the names of the political parties does not affect how well the player does in an election.
As of Update 0.5.3, it is now possible to change the colours associated with each political party. To change the colour, move your cursor over the current colour set and click once. Then select your colour, click close and then save it unless you want to edit more.
Remember: Make sure to click the save button before going to a different page, otherwise your changes will be lost!