Unit 1 Categories of Government and Economic Systems
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15 terms
Terms | Definitions |
|---|---|
 democracy | rule by the people |
| oligarchy | rule by a few |
| autocracy | rule by 1 |
| monarchy | Rule by one with a hereditary ruler |
| dictatorship | Rule by one where the military often puts the ruler in place |
| federalism | state governments share and divide power with the national government |
| unitary government | Central government has all the power. Local governments carry out the directions of the central government |
| confederation | State governments have all the power. National government only has the power given to it by the state governments. |
| direct democracy | The people are involved in making all governmental decisions. |
| representative democracy | The people choose others to make policy decisions for them. |
| opportunity cost | What you must give up in order to get something |
| scarcity | A condition that exists because society doesn't have all the resources to produce needed goods. |
| inflation | Rise in prices that occurs when too much money is competing for too few goods. |
| expansion | Part of the business cycle characterized by low unemployment and increased production of goods. |
| recession | Part of the business cycle characterized by reduced output by businesses and high rates of unemployment. |
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