Term | Definition |
Dominion | self governing nation that accepts the british monarch as head of state |
Common Wealth | partly self governing group of sovereign states |
Federal Government | Government with power divided among local, regional and national governments |
Parliamentary Democracy | Government run by officials elected to a law making body called the parliament |
Constitutional Democracy | Government where king or queen is head of state and is restricted by laws but is run by elected officials. |
Market Economy | Individuals own resources and decides what and how to produce prices and wages are determined by supply and demand. |
Transitional Economy | Customers and transitions decide every economic decision. Resources are shared and bartering is used. |
Command Economy | Government owns resources and controls production, prices and wages |
Tariff | A list of taxes placed by a government on imported goods. |
Quota | Number limit of how many of a particular product can be imported from another country. |
Embargo | Order that restricts or prohibits trade with another country. |
Trade barriers | A governments attempt to manage trade to benefit their economy. |
NAFTA | an arrangement between Mexico, US and Canada to eliminate all trade barriers between them |
Standard of Living | A level of material comfort in terms of goods and services available to someone or some group. |
Literacy Rate | percentage of people above the age of 15 who can read or write. |
GDP | An economic measure used to determine a countries economic output during a fiscal year. |
Acid Rain | Rain contains high amounts of chemical pollutions. |
Mineral | A naturally occurring substance that is solid, organic and contains elements. |
Natural Resources | product of the Earth that people use to meet their needs. |
Colonization | The act or process of establishing a group of colonies. |
Deforestation | widespread cutting of forest |
Inuit | Indigenous people of Canada who live in a nunavut territory |
Bilingual | referring to a country that has two official languages. |
Mixed Economy | economy where individuals own most of the resources and controls production with government regulation of certain industries. |