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Social Studies Vocab


Autocracy A government in which the ruler has absolute power to do whatever he wishes and make and enforce whatever laws he chooses.
Confederation A system in which the local government holds all of the power and the central government depends on the local government for its existencew.
Democracy A political system in which the people play much greater role in deciding who the rulers are what decisions are made.
Federal Government A political system in which the power is shared between the national and local governments, including executive, legislatlive , and judicial branches.
Federal Republic A government in which elected individuals make decisions for the people.
Oligarchy A system in which a political party or other small group takes over a government and makes all of the major decisions; government by a few.
Unitary Local government such as state or country systems may have some power, but they are under the control of the central government.
Republic A state in which the supreme power rests in the body of citizens entitled to vote.
Theocracy A government in which God is seen as the true leader and religious leaders serve as the political leaders.
Parliament The name given to the group of people elected to run a parliamentary system of government.
Parliamentary Democracy A democratic form of government in which people vote for those who represent the political party they feel best represents their views of how the government should operate.
President The chief administrator of a government.
Presidential Democracy Sometimes called a congressional form of government; in this type of government a president is chosen to be the leader.
Prime Minister The name given to the head of government ; chief executive of a parliamentary democracy.
Specialization Those products a country makes best and that are in demand on the world market.
Quota A way of limiting the amount of foreign good that can come into a country.
Embargo A trade barrier in which one country announces that it will no longer trade with another country in order to isolate and cause problems with that country's economy.
Trade Barriers Anything that slows down or prevents one country from exchanging goods with another.
Gross National Product The value of all the final goods and services produced within a nation in a given year.
Tariff A tax put on goods when they are brought into one country from another country.
Traditional Economy An economy in which most of the economic decisions are made based on custom and on that habit of how on such decisions were made in the past.
Currency Something used as a medium of exchange; money.
Entrepreneurship Creative original thinkers who are willing to take risks to create new business es and products.
Capital Goods The factories, machines, and technology that people use to make products to sell.
Command Economy An economy in which a government planning group makes the most of the basic economic decisions for the workers.
Exchange Rate A system of changing from one type currency to another.
Mixed Economy A economy that has characteristics of both market and command economic systems.
Human Capital The knowledge and skills that make it possible for workers to earn a living producing goods or services.
Market Economy An economy in which a society's economic decisions are made by individuals who decide what to produce or what to buy.
Created by: 200371966
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