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Gov and eco voc

Unitary a system of government with only one level (the national level), which holds all the governing power
Federal a system of government with multiple levels (national, state, local ...) which share governing powers
Confederation a group of states (nations) which are united for a common purpose
Autocratic a government in which one person has unlimited or uncontrolled authority over others
Theocracy a form of government which is led by a religious leader
Communism a form of government in which the state (government) controls all property, and social/economic activity. The citizens have very little political and economic freedom;
Stability Government stability refers to how well established, well organized, and resistant to change a country and it’s government is
State a politically unified people who occupy a territory. This word is often used to refer to a country or nation
Oligarchic a form of government in which all power is held by a few people, a group, or a dominant class
Parliamentary a form of government in which the citizens elect representatives to a lawmaking body, which then chooses the leader (usually called The Prime Minister)
Presidential Democracy a form of government in which citizens elect their representatives and their leader (usually called The President)
Republic a strong national government headed by elected leaders
Constitutional Monarchy a government in which a monarch (king or queen) is the head of state (figurehead), but elected officials run the government
Capital cash, goods, natural resources, or human skills that are used to produce income.
Capital Resources goods made by people and used to produce other goods and services (also called intermediate goods).
Capitalism economic system characterized by the following: private property ownership exists; individuals and companies are allowed to compete for their own economic gain; and free market forces determine the prices of goods and services.
Command Economies an economy in which the government makes the decisions about what, where, how and how much is produced and finally who will get what is produced.
Common Good involves individual citizens having the commitment and motivation to promote the welfare of the community (even if they must sacrifice their own time, personal preferences or money) to work together with other members for the greater benefit of all.
Demand the desire and ability of individuals to purchase economic goods or services at the market price; along with supply, one of the two key determinants of price.
Democracy – a system of government in which political authority is held by the people; typically feature constitutional governments where the majority rules, a belief in individual liberty and in equal rights for all people.
Demography The study that emphasizes statistics to look at human population distribution, population density, and trends in population
Describe To tell the who, what, when or where about something
Desegregation To abolish or eliminate segregation; to open (a school or workplace, for example) to members of all races or ethnic groups, especially by force of law; to become open to members of all races or ethnic groups.
Desert An area with little precipitation or where evaporation exceeds precipitation and thus includes sparse vegetation
Desertification A process by which desert-like conditions are created by a loss of plant cover and soil due to human activity and climatic changes in arid and semi-arid regions
Dictator A ruler with absolute power.
Dispute A disagreement or argument about something important
Distributor A firm that sells and delivers merchandise to retail stores or acts as an intermediary in business.
Diversity Variety in culture and ethnic background, race and belief is not only permissible but also desirable and beneficial in a pluralistic society.
Entrepreneur An individual who takes the risk of producing a product for a profit
Ethnic Group People who share a common cultural background, including ancestry and language.
Exports Goods or services produced in one nation but sold to buyers in another nation.
Federalism Power is shared between two sets of governmental institutions, those of the states and those of the central or federal authorities, as stipulated by the Constitution
Five Themes of Geography – 1.Location 2. Place 3. Human Environment/Interaction 4. Movement 5. Region
Location Includes both absolute and relative. Absolute location: expressed in terms of the latitude and longitude identifies a place’s exact location on the earth. Relative location: describes where a place is in relation to other places.
Place Particular city, village, or area with distinctive physical and human characteristics that distinguishes it from other places.
Human Environment/Interaction How people change their surroundings like clearing land to make farms; and how people adapt to their environment like building homes with insulation and central heating in cold climates.
Movement The moving of people, ideas, information, and products around the world.
Region An area with one or more common characteristics or features, which gives it a measure of homogeneity and makes it different from surrounding areas.
Free Market Economy – an economy in which individuals decide the economic questions in the market place.
Fundamentalism Broadly defined as a strict and literal adherence to a set of basic principles and specific beliefs.
Gross Domestic Product (GDP) The total dollar value of all final goods and services produced in a country in a given year equals the total consumer, investment and government spending, plus the value of exports minus the value of imports.
Human Capital The people who perform the work in the production of goods and services and the skills, which they have.
Human Resources Quantity and quality of human effort directed toward producing goods and services (also called labor or human capital).
Imports Goods and services that consumers in one country buy from producers in another country.
Inalienable – (also unalienable) rights that cannot be given or taken away.
Interdependence People relying on each other in different places or in the same place for ideas, goods, and services.
Investment Purchase of tangible assets, such as machines, factories, or inventories that are used to produce goods and services for the purpose of making a profit.
Investments in Capital Resources Business purchases of new plant and equipment.
Investment in Human Resources Activities that increase the skills and knowledge of workers.
Islam A monotheistic religion characterized by the acceptance of the doctrine of submission to God and to Muhammad as the chief and last prophet of God.
Market Economy An economic system based only on the interaction of market forces, such as supply and demand. A true market economy is free of governmental influence, collusion and other external interference, and buyers and sellers making exchanges determine prices
Mixed Economy An economy that combines elements of the traditional, market, and command economic models.
Monarchy A system of government in which the head of state, usually a royal figure (king, queen) is a hereditary position
Nationalism The belief that nations will benefit from acting independently rather than collectively, emphasizing national rather than international goals.
Oligarchy A government controlled by a small group to serve their own purposes.
OPEC The Organization of Petroleum Exporting Countries is an international cartel of thirteen nations designed to promote collective pricing of petroleum, unified marketing policies, and regulation of petroleum extraction.
Parliamentary System A system of government in which power is concentrated in a legislature. The legislature selects one of its members, usually called a prime minister.
Partisan A fervent, sometimes militant supporter or proponent of a party, cause, faction, person, or idea
Regulation Rules and laws the government makes to control the economy. In laissez-faire economic systems there is no regulation of the economy. In the United States, the government participates in the economy to assure the accomplishment of the economic
Representative Democracy A system of government in which the people choose political leaders to make policy decisions on their behalf.
Republic A republic is a sovereign state in which all segments of society are enfranchised and in which the state's power is constitutionally limited. A republic is distinguished from a true democracy in that the republic operates through a representative
Scarcity The condition that occurs because people’s wants and needs are unlimited, while the resources needed to produce goods and services to meet these wants and needs are limited.
Specialization The situation in which a nation produces a narrower range of goods and services than they consume/specialization in mass production occurs when a worker repeats a single operation over and over.
Socialism Any one of various systems in which the means of producing goods are owned by the community or the government rather than by private individuals with all people sharing in the work and the goods produced.
Sovereign The person, body, or state in which independent and supreme authority is vested; such as, in a monarchy, a king, queen, or emperor---in the United States, the people.
Three Basic Economic Questions 1.) What goods and services will be produced and in what quantities? 2.) How will they be produced? 3.) For whom will they be produced?
Totalitarian Country where a single party controls the government and every aspect of the lives of the people
Trade/Exchange Trading goods and services with people for other goods and services or for money. When people exchange voluntarily, they expect to be better off as a result.
Traditional Economy An economy in which the three basic questions are answered by custom, or how things have been done in the past. Roles in traditional economies are gender based and often inherited. Barter holds an important position.
Created by: crawfka