Social Studies Flashcards
What is Gross Domestic Product?
Total value of all goods and services produced in a country in one year.
What is an entrepreneur?
Someone who starts their own business.
What is a literacy rate?
Amount of people in a country who can read and write.
What type of government is a parliamentary democracy?
Type of government in which the prime minister is the head of government.
Which branch of government carries out laws?
Executive.
What is an embargo?
Refusing to export to a country.
What is a tariff?
A tax on imports to control the price of goods.
What is the primary function of OPEC?
To control the price of oil.
What is an exchange rate?
Currency in terms of another nation’s currency.
What is the relationship between command and market economies?
All countries fall on a spectrum between pure command and pure market economies.
What is the significance of literacy in a democracy?
Countries with higher literacy rates tend to have better economic conditions.
What is capital goods?
Goods that countries invest in to better their economies.
What is the difference between a president and a prime minister?
A president is often the head of state, while a prime minister is the head of government.
What does absolute power mean in government?
The ruler has absolute power.
