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Europe
| Term | Definition |
|---|---|
| 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
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