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unlimited government

system which leaders have total power

citizenship

the duties and rights of citizens

consumers

people who use goods and services

competition

rivalry in selling goods and making a profit

immigrant

a person who moves to a new country

equal opportunity

fairness in education and employment

federal government

the national government

free enterprise/market economy

an economy with little government regulation of business

Anasazi

people who built complex civilizations in the U.S. Southwest

patriotism

the love for one's country

constitutional amendment

changes or additions to the Constitution

U.S. Constitution

the basis for our laws

Bill of Rights

a list of specific freedoms given to U.S. citizens

GDP

a way to measure a country's economy

profit

money left over after costs of production are paid

natural resources

raw materials used to make goods - land, water, forests, minerals, and soil

labor resources

workers with knowledge, skills, and experience to make goods or provide services

capital resources

machines, factories, and supplies needed to make goods or provide services

entrepreneurs

owners of a business - bring all the resources together to produce a good or service

goods

objects you can buy to satisfy a want

services

actions that meet a want

Executive Branch

enforces the laws - headed by the president

Legislative Branch

makes the laws and controls taxes and spending - headed by Congress

Congress

made up of the Senate and the House of Representatives

Judicial Branch

decides if laws agree with the U.S. Constitution- headed by the Supreme Court

Command Economy

in this system, the government decides how many of which goods are produced and sets the prices

Traditional Economy

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

tariffs

taxes placed on imported goods to restrict trade

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