Social Studies Ch.4, Section 3 Vocab

14 terms by mjsoccer 

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Pop quiz on December 1, 2010 You do not have to know the page numbers!

Economy

a system for producing, distributing,consuming, and owning goods, services, and wealth. pg. 88

Producer

a person who makes products that are used by other people. pg. 88

Goods

products that are to be sold; cars, baskets, computers, and paper are all examples of goods. pg. 88

Services

work done or duties preformed for other people, such as the work of a doctor or of a TV repair person. pg.88

Consumer

a person who buys goods and services. pg. 88

Capitalism

an economic system in which people and privately owned companies own both basic and non-basic buisnesess and industries. pg.89

Socialism

an economic system in which the government owns most basic industries, such as transportation, communications, and banking; each non-basic industries are privately owned. pg. 89

Communism

a theory of government in which property such as farms and factories is owned by the government for the benefit of all citizens, a political system in which the central government controls all aspects of citizens lives. pg. 90

Government

the system that establishes and enforces the laws and institutions of a society; some governments are controlled by many. pg. 90

Direct Democracy

a system of government in which the people participate directly in decision making. pg. 91

Monarchy

a system of authoritarian government headed by a monarchy-usually a king or queen-who inherits the throne by birth. pg.91

Constitution

a set of laws that defines and limits a governments power. pg. 91

Representative Democracy

a system of government in which the people elect representatives to run the affairs of the country. pg. 92

Dictator

a ruler who has complete power over a country. pg.92

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