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Concepts N Global St

Chapter 1 Sections 3, 4, and 5 Vocabulary

TermDefinition
Political science Study of different types of government
Civic life The aspect of life that looks at how citizens’ decisions affect the local community and its decisions
Personal life An aspect of life that includes decisions people make about their own personal interests
Politics A process through which people with different opinions are able to reach decisions together that are agreed to and enforced.
Government The people and institutions in a society that have the authority to make, carry out, enforce laws and settle disputes
Government The system by which a country is organized.
Economics The study of how decisions are made about how to allocate (distribute) limited resources in order to satisfy our unlimited wants.
Scarcity The situation that exist when there is unlimited demand, but not enough supply of a good or service.
Trade The voluntary exchange of of goods and services among people and countries.
Specialization When a country focuses on producing goods and services that can be made best (this is determined by available resources).
Specialization Becoming an expert in one part of a larger business or market.
Domestic having to do with one’s own country
Globalization development of an increasingly worldwide economy
Decision a determination reached after consideration
Issue a problem that needs to be solved
Option choices
Consequences outcomes
Values what is most important to a person
Created by: smmhr5