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Traditional Economy
| An economic system in which tribal leaders often make economic decisions based on long-standing customs, and where people rely heavily on hunting and farming. |
Rule of Law
| The democratic principle that the law applies to goverment officials as much as to ordinary citizens. |
Unitary
| A government that gives all key powers to the national or central government. |
Presidential Democracy
| A form of government in which the executive branch is elected seperately from the legislative branch, and both branches are separate, independent, and co-equal. |
Services
| Actions performed or provided to satisfy economic wants and needs. For example: healthcare, haircuts, education, and police and fire protection. |
Production
| The manufacturing of goods or the gorwing of food which can be bought and used by consumers of businesses. |
Representative Democracy
| A system of government in which people elect individuals to make decisions for them about laws and how the governement will operate. |
Socio-economic goals
| These guide individuals and society in making economic decisions, and may vary in priority from one country to another. |
Parliamentary Democracy
| A form of government that gives governemental authority to a legislature, which in turn selects the chief executive from among its own members. |
Scarcity
| This condition occurs when there are unlimited economic wants or needs but there is a limited amount of resources, goods, and servies available to satisfy them. |
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