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Milestones Govt&Econ

Government & Economics Vocabulary Review Milestones

TermDefinition
Autocracy A government system in which the ruler has absolute power to do whatever he wishes and make and enforce whatever laws he chooses;
Capital Goods The factories, machines, and technology that people use to make products to sell; equipment; investment increases GDP
Capitalism An economic system in which the means of production and distribution are privately or corporately owned and developed; supply, demand, and competition are important
Command Economy An economy in which a government planning group makes most of the basic economic decisions for the workers; government-run economy
Communism An economic structure or government that promotes the establishment of a classless society based on common ownership of products and property; everything is shared equally
Confederation As government system in which the members or local government holds all of the power and the central government depends on the local government for its existence; the members have the power and are organized for a common purpose; the UN or OPEC
Constitutional Monarchy A government in which the powers of the ruler are restricted to those granted under the constitution or laws of the nation; Japan is an example - its emperor follows the laws of the constitution
Credit The ability to borrow money; payment is made later sometimes with a fee, or interest, charged
Currency Something that is used as a medium of exchange; money
Democracy A system of government in which the people play a role in deciding who the rulers are and what decisions are made; decisions are made by voting in elections; can be parliamentary or presidential
parliament The two-house legislature (law-making body) that is elected by the Canadian, Australian, and English people
Embargo A trade barrier in which one country announces that it will no longer trade with another country in order to isolate and cause problems with that country's economy
Entrepreneur Creative, original thinkers who are willing to take risks to create new businesses and products
Exchange Rate A system of changing from one type of currency (money) to another;Euros changed to US Dollars
Federal System A political system in which power is SHARED between the national and local governments, including different branches of government; USA and Russia
Free Enterprise A business governed by the laws of supply and demand, not restrained by government interference
Gross Domestic Product (GDP) The value of all the final goods and services produced within a nation in a given year; increases with investment in capital goods and human capital
Human Capital The knowledge, training, education, and skills that make it possible for workers to earn a living producing goods or services
Income The payment received for goods or services
Invest To put money to use in something offering potential profit; to put money into something hoping to make more money later on
Literacy Rate The percentage of people with the ability to read and write; a higher literacy rate usually = higher standard of living = higher GDP
Market Economy An economic system in which a society's economic decisions are made by individuals who decide what to produce and what to buy; more freedom
Mineral Resources Natural resources such as coal, iron ore, gold, silver, or diamonds that are of economic value
Mixed Economy An economy that has characteristics of both market, command, and traditional economic systems; most countries of the world are this type of system
Nationalism A loyalty to a group with whom one shares a common history, culture, and/or religion; often leads to a successful fight for independence
Natural Resource Something that is in or supplied by our natural environment and can be consumed or used by people
Oligarchy A government system in which a political party or other small group takes over a government and makes all of the major decisions; government by the few
Parliament The name given to the legislative body elected to run a parliamentary system of government
Parliamentary Democracy A form of government in which the people vote for those who represent their views and serve in Parliament; these members choose the Prime Minister
Per Capita GDP The amount of goods and services produced and sold compared to (divided by) the number of people
President The chief executive of a government elected by the citizens; serves independently of the legislative branch of government
Prime Minister The name given to the head of government chosen by parliament; chief executive of a parliamentary democracy
Quota A way of limiting the amount of foreign goods that can come into a country
Savings The money that you have not spent after buying things you want
Specialization Those products a country makes best and that are in demand on the world market; Japan's automobiles and high-tech products, Saudi Arabia's oil production
Subsistence Farming Growing food to provide for the sustenance of the family
Tariff A tax placed on goods when they are brought into one country from another
Trade Barriers Anything that slows down or prevents one country from exchanging goods with another; like an embargo or a tall mountain range
Traditional Economy Economic system in which most of the economic decisions that are made are based on customs and traditions; like nomadic tribes of the Sahara, the longhorn Miao of southeast Asia, the tribes of the Namib Desert
Unitary System The central government holds most of the power;
Created by: MrsRidley
 

 



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