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government & economy basics

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Term
Definition
government   group of people who have power to make laws  
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limited government   leaders must follow the law  
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unlimited government   leaders have unlimited power  
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representative government   citizens elect leaders and lawmakers  
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civic participation   voting, obeying laws, paying taxes, jury service  
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basic needs   food, clothing, shelter  
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economy   how people use resources to meet their needs and wants  
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free enterprise or free market economy   individuals may own business and make many decisions about buying and selling  
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socialist economy   governments own key industries, provide health care and other services  
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communist economy   government owns all industries and decides what will be produced and distributed  
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global trade   buying and selling products among countries  
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export   goods shipped out to different areas of the world  
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import   goods produced elsewhere and brought in to the country  
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economic region   work is based on the resources (i.e.- fishing along the coast)  
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diplomacy   making decisions through discussions  
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culture   the way of life of a group of people - food, arts, dress  
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economic system   ways to produce and distribute goods and services  
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industrialized nation   strong manufacturing(factories) and large mechanized farms  
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developing nation   little manufacturing, manual farming, limited healthcare & education  
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subsistence farming   family grows barely enough to meet their own needs, no surplus  
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immigrate   to come to a country to live permanently  
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Created by: MISworld
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