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government & economy

government & economy basics

TermDefinition
government group of people who have power to make laws
limited government leaders must follow the law
unlimited government leaders have unlimited power
representative government citizens elect leaders and lawmakers
civic participation voting, obeying laws, paying taxes, jury service
basic needs food, clothing, shelter
economy how people use resources to meet their needs and wants
free enterprise or free market economy individuals may own business and make many decisions about buying and selling
socialist economy governments own key industries, provide health care and other services
communist economy government owns all industries and decides what will be produced and distributed
global trade buying and selling products among countries
export goods shipped out to different areas of the world
import goods produced elsewhere and brought in to the country
economic region work is based on the resources (i.e.- fishing along the coast)
diplomacy making decisions through discussions
culture the way of life of a group of people - food, arts, dress
economic system ways to produce and distribute goods and services
industrialized nation strong manufacturing(factories) and large mechanized farms
developing nation little manufacturing, manual farming, limited healthcare & education
subsistence farming family grows barely enough to meet their own needs, no surplus
Created by: MISworld