Yes it has an internal governor gear with flyweights on it..the governor gear meshes into the gear on the camshaft..there is a plunger rod that rides atop the flyweights...the governor shaft.(.it looks like a hockeystick) lays against the plunger rod ...the faster the engine turns..the more centrifugal force is created by the flyweights. This turns the governor shaft that is connected to the carb..the governor always tries to close the carb...bring it back towards idle..
If your governor spring is weak or doesn't have much tension..the governor closes the carb easier and the result is a sluggish engine that won't reach high rpms..
If the governor spring is too strong...the governor cannot close the carb and the engine overspeeds..
If the governor is not adjusted properly the carb will be erratic..it won't compensate for loads and won't have any power..though the engine will run wide open when it doesn't have a load..
I'm sure I probably left some things out...this should give you an idea of what the governor does...
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