govornment terms

Question 1

Autocracy

Answer 1

1 person possesses unlimited power & citizens have limited role in government

Question 2

Democracy

Answer 2

supreme power is vested in the people & exercised by them directly or indirectly through a system
of representation involving free elections. THEY VOTE !

Question 3

Parliamentary democracy

Answer 3

citizens elect members of Parliament, and then the members select the leader
Leader works with or through the legislature. Indirectly elected by the people.

Question 4

Presidential Democracy

Answer 4

system of government in which the leader is constitutionally independent of the
legislature; citizens directly elect leader.

Question 5

Traditional Economy

Answer 5

social roles and culture determine how goods and services are produced, what prices
and individual incomes are, and which consumers are allowed to buy certain goods.

Question 6

Command Economy

Answer 6

: a system in which the government decides what goods will be produced, how they will
be produced, and how they will be distributed.

Question 7

Market Economy

Answer 7

this system is based on individual choices and voluntary trade; individuals answer the
basic questions of what to produce, for whom to produce, and how to produce.

Question 8

Mixed Economy

Answer 8

this system has features of traditional, command, and market systems; all modern
economies are mixed economies, but the mix is different in each nation.

Question 9

Currancy

Answer 9

Something people exchange for goods or services. Ex: The money in circulation in any country.

Question 10

GDP

Answer 10

The total value of all the goods and services produced in a country in a year.
Often an indicator of Standard of Living (just like the literacy rate)…it’s like a big (imaginary) calculator that
keeps track of all the money spent in a country in a year.

Question 11

Embargo

Answer 11

A government law stopping trade between two countries. A government restriction on trade with a
foreign nation. Something that stops trade.

Question 12

Quota

Answer 12

A limit on the amount of products allowed from other countries.

Question 13

Examples

Answer 13

A restriction on the quantity (number) of a good that can be imported during a specific time period
would be called an “import quota”.

Question 14

Tariff

Answer 14

A tax that the government puts on imported or exported goods. Makes trade more expensive.

Question 15

Entrepreneurship

Answer 15

When a person starts, organizes and manages a business. They’re willing to
risk everything for the possibility of success & profits.

Question 16

Capital Goods

Answer 16

The products, items, and machines a business needs to run & succeed.
Examples:Machines, Factories, A car manufacturing plant, Technology, Computers, Software.

Question 17

Human Capital

Answer 17

A person who has skills for a job. A worker or employee.
Examples: The knowledge and experience that a worker in a factory, A hair stylist, An actor, Waiter/waitress, A
person who mows lawns, Teacher, Carpenter etc. would have.

Question 18

Specialization

Answer 18

The thing that a country does best

Question 19

Standard of living

Answer 19

the amount of wealth and prosperity that is able to be used in a community or for a person