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Europ. gov. and econ
European goverment amd ecomomy
| Term | Definition |
|---|---|
| Autocracy | 1 person has control of the entire country. |
| Oligarchy | A small group of wealthy people has control of the entire country. |
| Democracy | Citizens elect officials into role. |
| Parliamentary democracy | Has the prime minister as the head of government. |
| Presidential democracy | Has the president as the head of government. |
| Confederation | When the local bodies of government has the most power. |
| Unitary | When the central government has all the power. |
| Federation | When the central and local government balances the power. |
| ( E,U) | A confederation of European nations works together to solve economic and social issues in Europe. |
| Monarchy | The person that is the head of state in the U.K. |
| Prime Minister | The person that is the head of government in the U.K. |
| Republic | Another name for democracy. |
| President | The person that is the head of state in Germany, and the head of government in Russia. |
| Chancellor | The person that is the head of government in Germany. |
| Traditional | A type of economic system based on customs and beliefs. |
| Command | A type of economic system where the government controls all economic decisions. |
| Market | A type of economic system where private owners controls economic decisions. |
| Mixed | With both kinds, mostly market. |
| Producer | People who make the good. |
| Consumer | People who buy the good. |
| Products and Services | The things people buy. These goods may be tangible or intangible. |
| Physical | A natural trade barrier. |
| Economic | A political trade barrier placed on a country or good. |
| Embargo | When a country refuses to trade with another country. |
| Blockade | When one country completely surrounds a country/city/etc. |
| Quota | A limit placed on imported goods. |
| Tariff | A tax place on a imported good. |
| Import | Goods coming into a country. |
| Export | Goods leaving a country. |
| Specialization | When a country produces one crop/good. |
| diversity | To add variety. |
| Literacy rate | The percentage of people that can read and write. |
| Standard of living | The overall being of a nation( wealthy and healthy). |
| GDP | The total amount of good and services produced each year. |
| Human Capital | The people and skills used to make the product. |
| Capital Goods | The items used to make the product. |
| entrepreneur | A person who takes a risk in investing in a business. |
| invest | Using money to support money-making projects. |
| Opportunity cost | The things one must give up to achieve a larger goal. |
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