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Govt./Econ. in L.A.

Government and Economics in Latin America

TermDefinition
Autocracy One person has control of the entire country. This person is not elected through a democratic process. The citizens have few or no rights in this type of government.
Oligarchy A small group of wealthy people control the whole government. These individuals are not elected by the citizens. The citizens do not play a major role in the government.
Democracy Citizens elect officials into government role. Citizen's role in government is very important. Citizens are encouraged to vote.
Parliamentary In this type of democracy a Prime Minister is the head of government. The queen of England is often the head of state. The legislative body chooses the Prime Minister. The queen has little actual power.
Presidential In this type of democracy the head of government is a President. Citizens play an active role in the selection of the president.
Confederation In this type of power structure the local bodies have the most power. These local bodies are loosely joined together, but no central governing body controls them.
Unitary In this type of power structure the central government has most of the power. There may be local bodies, but they have little government control.
Federation In this type of power structure the central government and local bodies share power.
President This is the title of the person that is the head of government in Brazil.
President This is the title of person that is the head of government in Mexico.
Republic Another name for a democracy where citizens elect representatives to government offices.
Autocracy This is the type of government that Cuba has(dictatorship).
Communist This is the type of government that also has a command economic system. Cuba also has this form of government.
Federation(Federal) This is the power structure that both Mexico and Brazil have. States and central government share power.
Unitary This is the power structure Cuba has where central government has the power.
Traditional In this type of economic system decisions are based on customs and beliefs. Many times people may also barter for desired goods.
Command In this type of economic system the government controls all the economic decisions. Communist nations tend to have this type of economic system.
Market In this type of economic system private businesses and consumers make all the economic decisions. Supply and demand also determines what good will be produced.
Mixed In this type of economic system government and private businesses control the economic decisions. Democratic nations have this type of system.
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 A natural trade barrier.
Economic 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, country, or port, and they do not allow good to enter or leave that country.
Quota A limit placed on the amounts of goods that may be brought imported a country to encourage production within that 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.
NAFTA The trade agreement between the USA, Canada, and Mexico that allows them to trade without tariffs.
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 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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