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Milestones Govt&Econ
Government & Economics Vocabulary Review Milestones
| Term | Definition |
|---|---|
| Autocracy | A government system in which the ruler has absolute power to do whatever he wishes and make and enforce whatever laws he chooses; |
| Capital Goods | The factories, machines, and technology that people use to make products to sell; equipment; investment increases GDP |
| Capitalism | An economic system in which the means of production and distribution are privately or corporately owned and developed; supply, demand, and competition are important |
| Command Economy | An economy in which a government planning group makes most of the basic economic decisions for the workers; government-run economy |
| Communism | An economic structure or government that promotes the establishment of a classless society based on common ownership of products and property; everything is shared equally |
| Confederation | As government system in which the members or local government holds all of the power and the central government depends on the local government for its existence; the members have the power and are organized for a common purpose; the UN or OPEC |
| Constitutional Monarchy | A government in which the powers of the ruler are restricted to those granted under the constitution or laws of the nation; Japan is an example - its emperor follows the laws of the constitution |
| Credit | The ability to borrow money; payment is made later sometimes with a fee, or interest, charged |
| Currency | Something that is used as a medium of exchange; money |
| Democracy | A system of government in which the people play a role in deciding who the rulers are and what decisions are made; decisions are made by voting in elections; can be parliamentary or presidential |
| parliament | The two-house legislature (law-making body) that is elected by the Canadian, Australian, and English people |
| Embargo | A trade barrier in which one country announces that it will no longer trade with another country in order to isolate and cause problems with that country's economy |
| Entrepreneur | Creative, original thinkers who are willing to take risks to create new businesses and products |
| Exchange Rate | A system of changing from one type of currency (money) to another;Euros changed to US Dollars |
| Federal System | A political system in which power is SHARED between the national and local governments, including different branches of government; USA and Russia |
| Free Enterprise | A business governed by the laws of supply and demand, not restrained by government interference |
| Gross Domestic Product (GDP) | The value of all the final goods and services produced within a nation in a given year; increases with investment in capital goods and human capital |
| Human Capital | The knowledge, training, education, and skills that make it possible for workers to earn a living producing goods or services |
| Income | The payment received for goods or services |
| Invest | To put money to use in something offering potential profit; to put money into something hoping to make more money later on |
| Literacy Rate | The percentage of people with the ability to read and write; a higher literacy rate usually = higher standard of living = higher GDP |
| Market Economy | An economic system in which a society's economic decisions are made by individuals who decide what to produce and what to buy; more freedom |
| Mineral Resources | Natural resources such as coal, iron ore, gold, silver, or diamonds that are of economic value |
| Mixed Economy | An economy that has characteristics of both market, command, and traditional economic systems; most countries of the world are this type of system |
| Nationalism | A loyalty to a group with whom one shares a common history, culture, and/or religion; often leads to a successful fight for independence |
| Natural Resource | Something that is in or supplied by our natural environment and can be consumed or used by people |
| Oligarchy | A government system in which a political party or other small group takes over a government and makes all of the major decisions; government by the few |
| Parliament | The name given to the legislative body elected to run a parliamentary system of government |
| Parliamentary Democracy | A form of government in which the people vote for those who represent their views and serve in Parliament; these members choose the Prime Minister |
| Per Capita GDP | The amount of goods and services produced and sold compared to (divided by) the number of people |
| President | The chief executive of a government elected by the citizens; serves independently of the legislative branch of government |
| Prime Minister | The name given to the head of government chosen by parliament; chief executive of a parliamentary democracy |
| Quota | A way of limiting the amount of foreign goods that can come into a country |
| Savings | The money that you have not spent after buying things you want |
| Specialization | Those products a country makes best and that are in demand on the world market; Japan's automobiles and high-tech products, Saudi Arabia's oil production |
| Subsistence Farming | Growing food to provide for the sustenance of the family |
| Tariff | A tax placed on goods when they are brought into one country from another |
| Trade Barriers | Anything that slows down or prevents one country from exchanging goods with another; like an embargo or a tall mountain range |
| Traditional Economy | Economic system in which most of the economic decisions that are made are based on customs and traditions; like nomadic tribes of the Sahara, the longhorn Miao of southeast Asia, the tribes of the Namib Desert |
| Unitary System | The central government holds most of the power; |
Created by:
MrsRidley
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