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Concepts N Global St
Chapter 1 Sections 3, 4, and 5 Vocabulary
Term | Definition |
---|---|
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 |