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Unit 3 Govt. & Econ
| Term | Definition |
|---|---|
| distinguish | • identify, specify, clarify; to determine differences |
| autocratic | • government in which one person has unlimited power, and the citizen has little if any role or rights • Saudi Arabia and Iraq under Saddam Hussein are examples |
| democratic | • government in which the citizens have the ultimate power either directly or indirectly through free elections and maintain many rights and personal freedoms • Israel and the current government in Iraq are examples |
| parliamentary | • a cabinet (group of high ranking people in government) or leader is elected by and answers to the legislative branch and is not chosen by the people directly • Israel is an example of this type of democracy |
| presidential | • system of government in which the leader is elected by the citizens and is part of the executive branch; he or she maintains power and authority separate from the legislative branch |
| monarchy | • form of government in which supreme authority is held by a single hereditary ruler, such as a king (absolute monarchy or autocratic monarchy) • Saudi Arabia is an example of this type of government |
| literacy rate | • the percentage of the population age 15 and older who can read and write |
| currency exchange | • trading one form of money for another so international trade can take place |
| OPEC | • Organization of Petroleum Exporting Countries, formed in 1960 to determine the price and amount of oil produced by member nations • made up of some of the major oil producing countries from around the world |
| Gross Domestic Product | • GDP, the total value of all goods and services produced in a country in a one year period • often used to measure a country’s wealth |
| natural resources | • useful materials that the Earth provides in order to make a good or provide a service such as oil |
| capital resources | • the machines, buildings, factories, technology, or money used to make a good or provide a service |
| human resources | • the people themselves; the labor/skills used to make a good or provide a service |
| economics | • study of how people use their resources to meet their needs |
| embargo | • restriction, prohibit, elimination of trade • political trade barrier designed to cause economic hardship on a country until they change a policy or action |
| tariff | • tax on imports • used to create revenue or to protect a country’s own companies (domestic companies) who produce a similar product(s) |
| quota | • ration or limit on quantity • a country may put a limit on the quantity of certain goods imported in order to protect their own companies (domestic companies) who produce a similar product(s) |
| continuum | • range, a range between two extremes • for our purposes here, it describes the range between a pure market economy and a pure command economy where everything in between are varying degrees of a mixed economy |
| market economy | • where individuals and business make the economic decisions • where supply and demand normally determines prices; also known as free enterprise |
| command economy | • economic system in which the government makes the basic economic decisions, including the price at which products will be sold • most common in authoritarian (autocratic) type of governments |
| traditional economy | • found in rural areas, and where economic decisions as well as prices and incomes are determined by social roles and customs; bartering is a common means of exchange |
| mixed economy | • any combination of two or more types of economic systems; in reality, all countries have a mixed economic system |
| economic interdependence | • all countries rely on others to provide what they cannot produce themselves or have little of |
| entrepreneur | • a person willing to take a risk by investing his or her own capital in an attempt to make a good or provide a service |
| specialization | • when a country or company focuses its resources on producing a certain type of good or service |
| standard of living | • quality of life; often measured internationally by GDP per capita or net income per capita |
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