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Beg. of year review

review terms

TermDefinition
GDP Total value of goods and services produced in a country in one year
Mixed economy Some economic decisions made by government, some by market
Command economy All economic decisions made by government
Market economy All economic decisions made by market
Capital goods Goods used to make other goods
Human capital Value that a worker brings to the work place
Entrepreneur Person who takes a chance on a new business
Invest Use money to make money
Embargo Ban on trade
Tariff Tax on imported goods
Quota Limit on number of goods that can be imported
Democracy Government in which the people hold all the power
Republic People elect representatives
Autocracy People have no power, one unelected leader
Oligarchy People have little or no power, run by small group of people
Parliamentary democracy People elect legislature, legislature controls executive
Presidential democracy People elect legislature and executive branches
Constitutional monarchy Ruler inherits power, but power is limited by a constitution
Nationalism Loyalty to one’s national interest above everything else
Unitary system Government system in which power is distributed to only one level of government
Federal system Government system in which power is distributed to several layers of government
Famine Extreme and general scarcity of food
Drought Long period of little or no rain
Deforestation Destruction of forests
Literacy rate % of people over 15 who can read and write
Ethnic group Group who share a common language, set of beliefs and history
Population density Average number of people living in a sq. mile (or kilometer)
Monotheism Belief in one god
Polytheism Belief in many gods
Islam Religion founded by Mohammed
Judaism Religion based on teachings of Abraham
Created by: lmms1137
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