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Government YWLA 6th

QuestionAnswer
Monarchy A system of government in which one person reigns, usually a king or queen. The authority, or crown, in a monarchy is generally inherited.
oligarchy A system of government in which power is held by a small group.
tyranny the government or rule of a tyrant or absolute ruler, usually abusive, unjust, oppressive
democracy A system of government in which power is vested in the people, who rule either directly or through freely elected representatives.
limited government A government that has limited powers over people as set in laws and in a constitution
unlimited government a government that has unlimited powers and does not have laws or a constitution to protect the people
free enterprise an economic and political belief that a capitalist economy can regulate itself in a freely competitive market through the relationship of supply and demand with minimum government intervention and regulation.
import to bring in (merchandise, commodities, workers, etc.) from a foreign country for use, sale, processing, reexport, or services.
export to ship (merchandise, commodities, workers, etc.) to other countries or places for sale, exchange, etc
supply the quantity (total) of a commodity (shirts, cotton, glass, milk,etc) that is in the market and is available for purchase at a particular price
demand the desire to purchase, coupled with the power to do so. the amount of commodity (goods) that buyers will take at a particular price.
consumer a person or organization that buys commodities (shirts, cotton, glass, milk, etc)
profit money made from the sale of a commodity or service
Created by: jsalazar