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SHMS 7th Grade Social Studies Vocab 2

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Term
Definition
Command Economy   economic systems where the government decides the answers to the basic economic questions.  
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Market Economy   an economic system based on private ownership where individual consumers and producers answer the basic economic questions.  
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Mixed Economy   description of economies that have some combination of a pure command economy and a pure market economy.  
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Traditional Economy   An economy where economic decisions are made on the basis of customs, beliefs, religions, and habits.  
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Tariff   Tax on imports  
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Quota   Limit on imports  
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Embargo   Halt or stop to trade  
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Specialization   the process of concentrating on and becoming expert in a particular subject or skill.  
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Entrepreneurship   An individual setting up a business and taking on financial risks in the hope of profit.  
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Literacy Rate   The percentage of adults age 15 and above that can read and write.  
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Autocracy   1 person possesses unlimited power & citizens have limited role in government  
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Democracy   supreme power is vested in the people & exercised by them directly or indirectly through a system of representation involving free elections  
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Parliamentary   citizens elect members of Parliament, and then the members select the leader and Leader works with or through the legislature  
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Presidential   system of government in which the leader is constitutionally independent of the legislature; citizens directly elect leader & Leader works separate from legislature  
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Monarchy   Form of government in which the leader inherits the position (Such as King or Queen)  
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Republic   form of government where citizens choose the leader through elections instead of inheriting the position by birth  
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Theocracy   a form of government where religion dictates the laws and chooses a religious leader for the country (Sharia law, for example)  
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Autocratic Monarchy   A government in which one person has uncontrolled or unlimited authority over others  
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Communist State   A system of government in which the state plans and controls the economy and a single, often authoritarian party holds power claiming to make progress  
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