SHMS 7th SS Vocab 2 Word Scramble
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Term | Definition |
Command Economy | economic systems where the government decides the answers to the basic economic questions. |
Market Economy | an economic system based on private ownership where individual consumers and producers answer the basic economic questions. |
Mixed Economy | description of economies that have some combination of a pure command economy and a pure market economy. |
Traditional Economy | An economy where economic decisions are made on the basis of customs, beliefs, religions, and habits. |
Tariff | Tax on imports |
Quota | Limit on imports |
Embargo | Halt or stop to trade |
Specialization | the process of concentrating on and becoming expert in a particular subject or skill. |
Entrepreneurship | An individual setting up a business and taking on financial risks in the hope of profit. |
Literacy Rate | The percentage of adults age 15 and above that can read and write. |
Autocracy | 1 person possesses unlimited power & citizens have limited role in government |
Democracy | supreme power is vested in the people & exercised by them directly or indirectly through a system of representation involving free elections |
Parliamentary | citizens elect members of Parliament, and then the members select the leader and Leader works with or through the legislature |
Presidential | system of government in which the leader is constitutionally independent of the legislature; citizens directly elect leader & Leader works separate from legislature |
Monarchy | Form of government in which the leader inherits the position (Such as King or Queen) |
Republic | form of government where citizens choose the leader through elections instead of inheriting the position by birth |
Theocracy | a form of government where religion dictates the laws and chooses a religious leader for the country (Sharia law, for example) |
Autocratic Monarchy | A government in which one person has uncontrolled or unlimited authority over others |
Communist State | A system of government in which the state plans and controls the economy and a single, often authoritarian party holds power claiming to make progress |
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