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Govt./Economic
| Term | Definition |
|---|---|
| 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
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