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Social Studies

Vocabulary Quiz

Dictatorship Government system where a dictator poses absolute power, authority, and rule.
Transitional Economy Economic decisions are based on customs and beliefs passed down from one generation to the next.
Tariff Tax added to the value of goods that are imported.
Communism Economic, social, and political system based on the teachings of Karl Marx, which advocates the elimination of private property.
Currency Money circulated in a country used to purchase goods and services.
Confederation A union of governments who willingly join to achieve a common goal; the regional governments are stronger than the central.
Entrepreneurship A person who organizes and operates a business; they take financial risks.
Quota A number limit on how many items of a particular product can be imported from a particular country.
Mixed Economy Economic system that has characteristics of market and command; business are owned privately, but the government regulates certain industries.
Democracy Government which chief of state who is not a monarch and is usually a president; power belongs to citizens through the right to vote; creates a strong national government.
Citizen Rights basic rights valid for those who are members of a country providing them.
Human Capital The set of skills which an employee acquires on a job, through training and experience, which increases the employees market value out of the work force.
Presidential Democracy A government where a President is the head of an executive branch which is separate from the Judicial and Legislative branch.
Federal A government in which power is divided and shared between local, regional, and national governments.
Republic A government in which the Supreme power is held by the people and used by them directly or indirectly through representation; rules rule by the content of the people.
Autocracy Government in which one person has unlimited power.
Specialization A method of production where a business or area focuses on the production of a limited scope of productions or services.
Oligarchy Government where a small group has power.
Command Economy Economic system where the government decides what to produce; how to produce and for whom to produce; found in communist countries.
Unitary Government in which the central government has all power and is one central authority.
Scarcity The fundamental economic problem of having humans who have wants and needs and the world of limited resources.
Currency exchange The price of ones country's currency expressed in another country's currency.
Market Economy The economic system is based on free enterprise; private business decides prices and wages based on supply and demand in the market place.
Capital Goods The item used to produce other goods and services.
Natural Resources Items from the Earth that humans use to meet their needs.
Economic System The organizational system that every country must choose that decides on the production, distribution, and the location of goods and services.
Trade When countries exchange goods and services.
Created by: gjenkins2