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Government/Economics
Question | Answer |
---|---|
Republic | voters elect leaders to make the decisions |
dictatorship | the leader took power without an election, usually by force |
oligarchy | a small group that makes the decisions, usually powerful and rich |
theocracy | a government lead by a religious leader |
suffrage | the right to vote |
Command Economy | government makes all the economic decisions, (production, price, etc.) The people have no say, an example is North Korea |
Market Economy | producers and consumers make all the economic decisions that are made based on supply and demand |
Traditional Economy | Economy based on historical practices and time honored beliefs (an example is the amish who live outside of the economy the surrounding society may have.) |
Mixed Economy | some decisions are made by the governemnt while others are made by producers and consumers based on supply and demand (the government regulates what is produced and pricing, but many of the decisions are still made by the producers and consumers.) |
Human Capitol | the value of the skills a person posses ( especially in regards to what the employer needs) |
voluntary trade | trade between buyers and sellers that is unrestricted (buyers can haggle and compromise so that both sides are happy) |
international trade | trade that stops between many different countries |