economy and government words
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Created by:
wbmarcus2000 on August 24, 2011
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40 terms
Terms | Definitions |
|---|---|
 gross national product | The value of all goods and services that a country produces in one year within or outside the country |
| federal government | a form of government in which powers are divided between a central government and local governments |
| industrialized countries | Countries that rely more on industry than agriculture |
| literacy rate | Percent of people who can read and write |
| developing countries | Countries in different stages of moving toward development |
| third world countries | Developing countries that lack economic opportunities |
| free enterprise | An economic system in which people, not government, decide what to make, sell, or buy |
| market economy | An economy in which consumers help determine what is to be produced by buying or not buying certain goods and services |
| command economy | An economy in which the government owns most of the industries and makes most of the economic decisions |
| presidential democracy | a system of government where the executive branch exists separately from a legislature. President chooses his own Cabinet, most of whom must be approved by legislature. Distributes power between branches of government. Found in U.S, most Latin America countries, France, Poland, and the Philippines. |
| tradition based economy | Exchange of goods or services based on custom. |
| confederation government | A system in which the local government holds all of the power and the central government depends on the local government for its existence. |
| mixed economy | An exchange of goods and services based on at least two other types of economic systems |
| one crop economy | Economy based on a single crop, such as bananas, sugarcane, or cacao |
| export | Products a country sells to other countries |
| imports | Products a country buys from other countries |
| interdependence | Depending on another country for resources or goods and services |
| democracy | a political system in which the supreme power lies in a body of citizens who can elect people to represent them |
| birth rate | Number of births per 1,000 people in a year |
| population density | The average number of people living within a square mile or square kilometer |
| overpopulation | More people than a country can support without outside help |
| migration | Movement from one region or climate to another |
| unitary government | a centralized government in which all government powers belong to a single, central agency |
| emigrant | Person who leaves one place for another |
| immigrant | Person who arrives from another country |
| capital goods | products that satisfy our wants indirectly by making possible more efficient production of consumer goods |
| dept | borrowed money that has to be paid back as constitutes |
| embargo | (n.) an order forbidding the trade in or movement of commercial goods; any restraint or hindrance; (v.) to forbid to enter or leave port; to forbid trade with |
| entrepreneur | a person who organizes, manages, and takes on the risks of a business |
| parliamentary democracy | A form of government in which the executive branch is made up of a prime minister, or premier, and that official's cabinet. Mostly found in Great Britain, Australia, Canada, and most European countries. Has supreme power. |
| human capital | the knowledge and skills that workers acquire through education, training, and experience |
| interest | a fixed charge for borrowing money |
| investment | putting money into something in order to make a profit |
| profit | the amount of money left over after expenses are taken out |
| quota | a limit placed on the quantities of a product that can be imported |
| tariff | a government tax on imports or exports |
| trade barrier | a means of preventing a foreign product or service from freely entering a nation's territory |
| autocratic | Rule is held by one person who has absolute, unlimited power. |
| gross domestic product | The value of all goods and services produced within a country |
| oligarchy | a system of government in which a small group holds power |
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