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CMS6-Vocab Review

CMS6- Economic and Government Vocabulary Review

TermDefinition
unitary government a form of government in which power is held by one central authority. (Think of a unicorn with one horn in the center of its head).
Confederation government voluntary associations of independent states that, to secure some common purpose, agree to certain limitations on their freedom of action and establish some joint machinery of consultation or deliberation.
Federal government a form of government in which power is divided between one central and several regional authorities.
Autocratic government government in which one person possesses unlimited power and the citizen has little if any role in the government. (Think of an automobile where only one person drives at a time).
Oligarchic government government by the few, sometimes a government in which a small group exercises control especially for corrupt and selfish purposes. The citizen has a very limited role. (Think of going to the “Olive Garden” with a small group).
democratic government - a government in which the supreme power is vested in the people and exercised by them directly or indirectly through a system of representation usually involving periodically held free elections.
Parliamentary democracy/ government a political system in which the party with the most elected members in the legislature (Parliament) selects the head of the government- the prime minister.The head of the government (Prime Minister) remains a Member of Parliament.
Presidential democracy/government a system of government in which the president is constitutionally independent of the legislature and is elected by the people. The executive branch exists separately from the legislative branch.
traditional economy/economic system Customs (traditions) and beliefs are used to make most economic decisions. It is an economic system in which social roles and culture determine how goods are made, sold , and bought.
command economy/economic system an economic system in which the government decides what goods will be produced, how they will be produced, and how they will be distributed.
market economy/economic system an economic system based on individual choices and voluntary trade and competition.
mixed economy/economic system an economic system that features of a combination of (government control ) command and (individual choice and competition) market systems.
Trade barrier -- is any law or practice that a government uses to limit (restrict) free trade between countries.
Tariff is a fee (tax) charged for goods and services brought (imported) into a country or state from another country or state.
Quota A limit on imports. It is a type of trade barrier that limits the amount of a product that may be imported during a given period of time.
Embargo is a ban on trade. A type of trade barrier in which a government places restrictions on the import or export of certain products. Embargoes are often backed with military force.
currency exchange (exchange rate)- the price you pay for the currency (money) of another country. It is how much your country’s money is worth in a fair trade for another country’s money.
gross domestic product (GDP)- the total value of the goods and services produced in a country in a given period of time.
human capital (labor)- All the time, effort, and talent that goes into producing goods and services. The knowledge and skills that allow workers to produce goods and earn an income. (One of the 4 factors of production).
capital goods (technology)- resources such as factories, machinery, technology, and tools that people use to make other goods. (One of the 4 factors of production).
natural resources (land)- “Gifts of nature.” Natural (raw) materials that are used to support life and to make goods. (One of the 4 factors of production).
Entrepreneurship (entrepreneur) leadership/vision/organization-The rare mixture of the qualities needed to create and run new businesses/ Someone who takes risks and brings together land, labor, and capital goods to produce goods and services. (One of the 4 factors of production)
The 3 main questions all economic systems must answer “What to produce? How to produce? And, For whom to produce?
Specialization occurs when one country can produce a good at a lower opportunity cost (faster and cheaper) than another country. This encourages international trade and can be a positive factor in a country’s economy.
Imports are goods or services brought into one country from another through sale or trade.
Exports are goods or services sold to another country
Created by: kiragodwin
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