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CMS6-Unit 10 Vocab

CMS6-Unit 10 Vocabulary Review

TermDefinition
Aborigines The original inhabitants of Australia. They are believed to have descended from Europeans and Asians who migrated south between 62,000 and 75,000 years ago. Aboriginal Australians maintain spiritual beliefs associated with nature and oral tradition.
Autocracy A system in which all of the power is held by one person. In this system of government, the ruler has absolute or unlimited power.
Capital (goods or resources) The property (buildings, machinery, etc.) and technology that represent the chief investments of a person or business.
Command economy A system in which what is produced, how it is produced, and for whom it is produced is determined by the government.
Confederation A group of states or nations that retain most power while granting limited authority to a central government.
Currency exchange A business that allows individuals or groups to exchange the currency of one country or place for that of another. The exchange of currencies is necessary in a world where trade takes place between nations with different monetary systems.
Democracy A system of government in which a nation’s citizens vote for their leaders.
Embargo An official ban, usually on trade with another country. Sometimes the ban is on specific goods.
Entrepreneurship The process of starting an organization or business. The economies of many countries are supported by small businesses begun by entrepreneurs.
Federal system of government A system in which individual states share authority with a central government.
Human capital The human knowledge, creativity, and habits that contribute to an economy.
Market economy An economic system in which what is produced, how it is produced,and for whom it is produced is based on supply and demand. Producers set prices on their goods based on what individuals are willing to pay.
Mixed economy An economy that is part market economy and part command economy. Most countries, including Australia, have a mixed economy.
Oligarchy A system in which a small and powerful group controls the government.
Parliamentary system of government A democratic form of government in which voters choose representatives to a governing body called a parliament. Australia is governed under a parliamentary system.
Presidential system of government A republican form of government in which voters choose a president to lead the executive branch of government, which is separate from other branches.
Specialization The focusing of a business or a country on one or a relatively small number of products or services. Because most areas can produce only a limited number of goods or services, they must then trade these goods and services for others that they need.
Tariff A tax or duty that must be paid on a specific import or export. Tariffs are often used by governments to limit imports from other countries.
Traditional economy An economic system in which what is produced, how it is produced, and for whom it is produced is based on the traditions, beliefs, and customs of society. Traditional economies are usually agriculturally based.
Unitary system of government A system in which an entire country is ruled by a single government. Power is not shared between the central government and smaller states the way that it is in a federal system.
Voluntary trade An economic market in which individuals and businesses are allowed to buy from and sell to whom they choose. A benefit of such an exchange is that most parties gain something they want from it.
Created by: jpkelley