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Europe

TermDefinition
Autocracy one ruler
Oligarchy a group of people ruling
Democracy citizens get to choose their leaders
Parliamentary Democracy the UK's type of democracy
Presidential Democracy the president is head of government
Confederation local government has most power
Unitary central government has most power
Federation central government and local government share powers
European Nations confederation group that work together through economic issues in Europe
Monarchy title of people in charge of UK
Prime Minister head of government UK
Republic a democracy where citizens elect representatives
President the title of Germany's ceremonial head that has limited powers
Chancellor title of Germany's head of government
President title of the leader in Russia
Traditional economic systems that are based on customs and beliefs
Command economic systems that are controlled by the government
Market private businesses and consumers make all economic decisions
Mixed Democratic nations have this type of system
Producers the people who make goods
Consumers the people who buy the goods
Products and Services the goods people buy
Physical Barriers a natural trade barrier
Economic Trade Barriers a political trade barrier put on countries
Embargo when one country refuses to trade with another country
Blockade when one country completely surrounds another country
Quota a limit on goods
Tariff taxes on imported goods
Import goods coming into a country
Export goods going out of a country
Specialization when a country produces one main product
Diversify to add variety
Literacy Rate the percentage of people who can read and write
Standard of Living overall wealth and health of a country
GDP total amount of goods produced per year
Human Capital skills used to make a product
Capital Goods items used to make a product
Entrepreneur a person who takes a risk in investing a business
Loan borrowing money you don't have
Investment using money to support money-making projects
Opportunity Cost things you must give up to get something you need
Created by: Renette
Popular Economics sets

 

 



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