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Government & Economy
| Term | Definition |
|---|---|
| Oligarchy | A small group, usually powerful and rich, that are in charge |
| Communism | A form of government and economics that would promote equality, it's a dictatorship |
| Theocracy | A government biased or run by religious leaders |
| anarchy | a society with no leaders |
| Republic | Voters elect leaders to make the decisions |
| Democracy | Voters get to choose, and vote for what they want |
| Monarchy | Usually hereditary, it's leadership that passes from generation to generation where voters don't make the decisions |
| Dictatorship | A leader that took power with an election, but it's usually by force |
| suffrage | the right to vote |
| human capital | the value of the skills a person possesses |
| voluntary trade | trade between buyers and sellers with restriction based on their decisions |
| international trade | trade between countries |
| industrialization | development of manufacturing in a country |
| command economy | government makes all of the economic decisions |
| market economy | producers and consumers |
| traditional economy | economy based on historical practice and time |
Created by:
liamfouts09
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