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GSE Unit 5 Vocab Rev

GSE Unit 5 Vocabulary Review #2

TermDefinition
autocratic a government where political authority rests with a single leader
democratic a government where political authority rests with a nation’s citizens
political party an organization which represents a specific political agenda and socioeconomic positions within a given nation
parliament common name given to the legislature in a parliamentary democracy
president title often given to the head of government (and state) in a presidential democracy
prime minister title often given to the head of government in a parliamentary democracy
bartering a system of exchange whereby one good/service is given in return for another; bartering does not require monetary exchange
command economy an economic model wherein government planners make all business and financial decisions
command economy an economic model wherein government planners make all business and financial decisions
economic system an economic model used by governments to determine what should be produced/provided in terms of goods and services, how, and for whom
economic system an economic model used by governments to determine what should be produced/provided in terms of goods and services, how, and for whom
entrepreneurship the capacity of private citizens to create new businesses independent of government direction or intervention
free enterprise the creation, maintenance, and expansion of businesses outside the control or influence of the government.
free enterprise the creation, maintenance, and expansion of businesses outside the control or influence of the government.
market (or capitalist) economy an economic model which the laws of supply and demand (not government oversight) determine what is produced/consumed and at what cost
production quota the required amount of a specific good that must be produced in a given time-frame
subsistence producing only what is necessary for personal use/survival
traditional economy an economic model governed by custom, habit, and history
Created by: jpkelley