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SS G/E vocab
government and economics vocabulary
| Term | Definition |
|---|---|
| anarchy | a society with no leaders |
| oligarchy | a small group usually powerful and rich that make decisions |
| communism | form of government and economics that would promote equality, also a form of dictatorship |
| theocracy | a government lead by a religious leader |
| republic | voters elect leaders to make the decisions |
| democracy | voters get to make all the decisions |
| monarchy | hereditary leadership that passes from generation, voters don't have any decisions (Kings, Queens, Emperors...) |
| dictatorship | a leader that took power without an election usually by force |
| industrialization | development of manufacturing in a country |
| command economy | government makes all the economic decisions, people don't really have any say in that |
| market economy | producers and consumers make all the economic decisions; decisions are based on supply and demand |
| traditional economy | economy based on historical practice and time honored beliefs |
| 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, one country responsible for the raw material |
| mixed economy | some decisions made by the government while others are made by producers |
Created by:
ss3douglas
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