CMS6-Vocab Review Word Scramble
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Term | Definition |
unitary government | a form of government in which power is held by one central authority. (Think of a unicorn with one horn in the center of its head). |
Confederation government | voluntary associations of independent states that, to secure some common purpose, agree to certain limitations on their freedom of action and establish some joint machinery of consultation or deliberation. |
Federal government | a form of government in which power is divided between one central and several regional authorities. |
Autocratic government | government in which one person possesses unlimited power and the citizen has little if any role in the government. (Think of an automobile where only one person drives at a time). |
Oligarchic government | government by the few, sometimes a government in which a small group exercises control especially for corrupt and selfish purposes. The citizen has a very limited role. (Think of going to the “Olive Garden” with a small group). |
democratic government | - a government in which the supreme power is vested in the people and exercised by them directly or indirectly through a system of representation usually involving periodically held free elections. |
Parliamentary democracy/ government | a political system in which the party with the most elected members in the legislature (Parliament) selects the head of the government- the prime minister.The head of the government (Prime Minister) remains a Member of Parliament. |
Presidential democracy/government | a system of government in which the president is constitutionally independent of the legislature and is elected by the people. The executive branch exists separately from the legislative branch. |
traditional economy/economic system | Customs (traditions) and beliefs are used to make most economic decisions. It is an economic system in which social roles and culture determine how goods are made, sold , and bought. |
command economy/economic system | an economic system in which the government decides what goods will be produced, how they will be produced, and how they will be distributed. |
market economy/economic system | an economic system based on individual choices and voluntary trade and competition. |
mixed economy/economic system | an economic system that features of a combination of (government control ) command and (individual choice and competition) market systems. |
Trade barrier | -- is any law or practice that a government uses to limit (restrict) free trade between countries. |
Tariff | is a fee (tax) charged for goods and services brought (imported) into a country or state from another country or state. |
Quota | A limit on imports. It is a type of trade barrier that limits the amount of a product that may be imported during a given period of time. |
Embargo | is a ban on trade. A type of trade barrier in which a government places restrictions on the import or export of certain products. Embargoes are often backed with military force. |
currency exchange (exchange rate)- | the price you pay for the currency (money) of another country. It is how much your country’s money is worth in a fair trade for another country’s money. |
gross domestic product (GDP)- | the total value of the goods and services produced in a country in a given period of time. |
human capital (labor)- | All the time, effort, and talent that goes into producing goods and services. The knowledge and skills that allow workers to produce goods and earn an income. (One of the 4 factors of production). |
capital goods (technology)- | resources such as factories, machinery, technology, and tools that people use to make other goods. (One of the 4 factors of production). |
natural resources (land)- | “Gifts of nature.” Natural (raw) materials that are used to support life and to make goods. (One of the 4 factors of production). |
Entrepreneurship (entrepreneur) | leadership/vision/organization-The rare mixture of the qualities needed to create and run new businesses/ Someone who takes risks and brings together land, labor, and capital goods to produce goods and services. (One of the 4 factors of production) |
The 3 main questions all economic systems must answer | “What to produce? How to produce? And, For whom to produce? |
Specialization | occurs when one country can produce a good at a lower opportunity cost (faster and cheaper) than another country. This encourages international trade and can be a positive factor in a country’s economy. |
Imports | are goods or services brought into one country from another through sale or trade. |
Exports | are goods or services sold to another country |
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kiragodwin
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