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Govt./Econ. in L.A.
Government and Economics in Latin America
| Term | Definition |
|---|---|
| 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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