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South Habersham Middle School 6th Grade SS Powertime Vocabulary Unit 2

Presidential Democracy A type of democracy in which the head of state is elected by the people and does not serve as the leader of the legislature, although he works with the legislature.
Resources Things people use. Natural, human, and capital are three different kinds.
Economics The study of how people, businesses, and countries use limited resources.
Three Basic Economic Questions What to produce? How to produce? For whom to produce?
Traditional Economy People use just what they need to survive, and they inherit their position from their parents. Economic system of many native peoples.
Command Economy The government owns the means of production and most of the land. The government answers the three basic economic questions.
Market Economies Allow for private ownership of businesses and land. Also known as a capitalist economy.
Created by: hbogue