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Govt./Economic

TermDefinition
Autocracy One person has control of the entire country. This person is not elected through a democratic process.
Oligarchy A small group of wealthy people control the whole government. Not elected by the citizens.
Democracy Citizens elect officials into government role. Citizen's role in government is very important.
Parliamentary Democracy Prime Minister is head of government. Queen of England is head of state.
Presidential Democracy In this type of democracy the head of government is a President. Citizens play an active role.
Confederation In this type of power structure the local bodies have most of the power. These local bodies are loosely joined together.
Unitary In this type of power structure the central government has most of the power. Local bodies have little control.
Federation In this type of power structure the central government and local bodies share power.
European Union This confederation of European nations works together to solve economic and social issues in Europe.
Censorship The practice of limiting access to information, ideas or books in order to prevent knowledge or freedom of thought.
Queen This is the title of the person that is head of state in the United Kingdom.
Prime Minister This is the title of the person that is the head of government in the United Kingdom.
Republic Another name for a democracy where citizens elect representatives to government offices.
President This is title of Germany's ceremonial head of state. He/she has very limited powers.
Chancellor This is the title of Germany's head of government. He/she is elected by the legislative body called the Bundestag.
President This is the title of the leader in Russia
Traditional In this type of economic system decisions are based on customs and beliefs.
Command In this type of economic system the government controls all the economic decisions.
Market In this type of economic system private businesses and consumers make all economic decisions.
Mixed In this type of economic system government and private businesses control the economic decisions.
Producers The people who make a good.
Consumer The people who buy goods.
Goods and Services The goods people buy. These goods may be tangible or intangible.
Physical trade barrier A natural trade barrier.
Economic trade barrier A political trade barrier placed on a country or good by another country.
Embargo When one country refuses to trade with another country.
Blockade When one country completely surrounds another country, city, or port. Don't allow good to enter or leave that country.
Quota A limit placed on the amount of goods that may be brought imported a country to encourage production within country.
Tariff A tax placed on an imported good.
Import Goods coming into a country.
Export Goods going out of a country.
Specialization When a country produces 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(How wealthy and healthy it is).
GDP(Gross Domestic Product) The total amount of goods and services produced in a country per year.
Human Capital The people and the skills they use to make a product.
Capital Goods The items used to make a product. These include factories, buildings, machinery, and technologies.
Entrepreneur A person who takes a risk by investing in a business.
Debt Borrowing money that you do not have.
Invest Using money to support money-making projects.
Opportunity Costs The things one must give up in order to achieve a larger goal.
Created by: mayawbee