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GA CRCT SS Chapter 1

Vocabulary from Chapter 1 of 7th grade Coach Book

Government The system it uses to make laws and run the country
Unitary System The central government decides which powers to grant to local governments
Constitution a document stating the basic laws that govern a country
Federal System in which power is shared more evenly between the central government and the goverment of states or provinces
Confederation a voluntary association of states in which the states have more power than the central government
Autocratic Government power lies in the hands of a single leader
Authoritarian citizens play a small role in government
Oligarchic Government similar to autocratic but ruled by a few people
Democratic Government active citizen participation
Presidential system the executive branch is headed by the president, while the legislative branch is headed by Congress. The president is independent of Congress.
Cabinet a group of people who advise the president
Parliamentary System a form of government in which the executive branch is not as independent of the legislative branch as it is in a presidential democracy. The leader of the government is usually the prime minister.
Prime Minister the leader of the government in a parliamentary system
Trade the exchange, purchase, or sale of goods and services
Exports a produc a coutry sends to another country
Imports a product a country buys from another country
Specialization a country produces goods that is able to make efficiently
Trade Barriers something that limits what a country can trade and to whom
Tariff a tax on imports
Import Quota a limit on the number of goods that can be imported from a certain country
Embargo a ban on trade with a certain country
Free Trade trade without tariffs or other trade barriers
Currency a system of money
Currency Exchange Rate compares one country's currency to another
Economy the way in which people meet their needs through the production, distribution, and use of goods and services
Traditional Economy an economic system based on traditions, routines and beliefs
Command Economy an economic system where the central government has all the power
Consumer a person in an economy who buys and uses goods and services
Market Economy an economic system managed by the people
Mixed economies an economic system where the government has some but not all the power.
Income money that comes in or is earned on a regular basis.
Spend to pay money for things you need
Budget a plan for spending and saving money
Luxuries something we want but do not need
Necessities something people need
Saving setting money aside for later use
Interest a charge a bank pays you to use your money
Compound Interest earning interest on interest
Credit money you borrow from a bank
Created by: sfricks