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SHMS 7th SS Vocab 2

SHMS 7th Grade Social Studies Vocab 2

TermDefinition
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
Created by: hbogue