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gov. & econ. euorpe
| Term | Definition |
|---|---|
| autocracy | one person is in charge of entire country and citizens have few to no rights at all; person is not elected |
| oligarchy | small group of wealthy people control whole government and citizens don't play a major role in government; people not elected |
| democracy | citizens elect officials into government and play an important role in government |
| parliamentary democracy | has head of government (is usually prime minister) and has head of state that doesn't have lots of actual power; legislative body chooses head of government |
| presidential democracy | head of government is president and citizens play active role in choosing him |
| confederation | local government has most of power |
| unitary | central government has most of power |
| federation/ federal | central and local governments share the power |
| European Union | confederation of European nations works together to solve economic and social issues in Europe |
| Monarch | head of state in the UK |
| Prime Minister | head of government in the UK |
| republic | democracy where citizens elect representatives into government offices |
| federal president | head of state in Germany |
| chancellor | head of government in Germany; elected by Bundestag |
| president | leader of Russia |
| Russia | president, federation, prime minister, democracy |
| Germany | president, federation, chancellor, democracy |
| U.K. | unitary, monarchy, prime minister, parliamentary, democracy |
| traditional | decisions are made based on customs and beliefs; most items are bartered |
| command | government controls all economic decisions and communist nations usually have this |
| market | private businesses and consumers make all economic decisions |
| mixed | government and private businesses control economic decisions and democratic nations have this |
| producer | the people that make the goods |
| consumer | the people that buy the goods |
| products and services | the goods people buy |
| physical barriers | an natural trade barrier |
| economic barriers | a political trade barrier |
| embargo | when one country refuses to trade with another |
| blockade | when a country surrounds another country or city and denies the trading of goods |
| quota | a limit placed on the amount of goods allowed to be imported |
| tariff | a tax placed on imported goods |
| import | goods coming into a country |
| export | goods going out of a country |
| specialization | one country producing one main export or crop |
| diversify | to add variety |
| literacy rate | the percentage of people that can read and write |
| standard of living | the overall well being of a nation |
| gross domestic product | the total amount of goods produced in a country per year |
| human capital | the people and skills used to make a product |
| capital goods | the items used to make a product |
| entrepreneur | the person that takes a risk by investing in a business |
| loan/ credit | borrowing money you don't have |
| investment | using money to support money making projects |
| opportunity cost | the things one must give up in order to achieve a larger goal |
Created by:
minecraft master
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