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Economy and Gov

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TermDefinition
Theocracy A government controlled by religious leaders
anarchy a lack of government and law; confusion
Suffrage the right to vote
command economy An economic system in which the government controls a country's economy.
market economy Economic decisions are made by individuals or the open market.
Traditional Economy An economy in which production is based on customs and traditions and economic roles are typically passed down from one generation to the next.
mixed economy market-based economic system with limited government involvement
human capital the skills and knowledge gained by a worker through education and experience
volentary trade trade between buyers and sellers without restriction
Oligarchy A government ruled by a few powerful people
Communism a political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs.
Republic A form of government in which citizens choose their leaders by voting
Democracy A political system in which the supreme power lies in a body of citizens who can elect people to represent them
Monarchy A government ruled by a king or queen
Dictatorship A form of government in which the leader has absolute power and authority.
international trade the exchange of goods and services among nations
Industrialization The development of industries for the machine production of goods.
life expectancy the number of years a person can expect to live
currency money
Income Earnings from work or investment
population growth rate explains how fast a given population grows
Stanard of living the degree of wealth and material comfort available to a person or community.
Urbanization the growth of cities
Globalization growth to a global or worldwide scale
School Life Expectancy how many years the average person will attend school.
Created by: bfrederick926
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