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Social Studies
Vocabulary Quiz
| Question | Answer |
|---|---|
| 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
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