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Government & Economy
Study stack idk
| Term | Definition |
|---|---|
| Republic | Voters elect leaders to make the decisions |
| Democracy | Voters get to make decisions |
| Monarchy | Hereditary leadership that passes from generation, with titles like queens and kings |
| Dictatorship | The leader took power without an election, usually by force |
| Oligarchy | A small group usually powerful and rich, that make decisions |
| Theocracy | A government lead by a religious leader |
| Communism | In theory, a form of government and economics that would promote equality. In practice, a form of dictatorship |
| Suffrage | The right to vote |
| Anarchy | A society with no leaders |
| Command Economy | Government makes all the economic decisions (production, price, etc) |
| Market Economy | Produces and consumers make all the economic decisions. Decisions are based on supply and demand |
| Traditional Economy | Economy based on historical practice and time - honored belifs |
| Mixed Economy | Some decisions are made by the government, while other decisions are made by produces and consumers (supply and demand) |
| Human Capital | The value of the skills a person possess |
| Voluntary Trade | Trade between buyers and sellers with restriction. It's based on their decisions |
| International Trade | Trade between countries |
| Industrialization | Development of manufacturing (factories) in a country. |
Created by:
Ella DeDario
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