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21 terms

Economics and Politics

STUDY
PLAY
Products
Two types; goods and services
Goods
products that are made and sold
Services
Tasks performed for others for a price
government
system that sets up and enforces a society's laws and institutions
representative democracy
citizens elect officials/representative to create laws
Supply
in Capitalism, how many goods are available at a certain price
Demand
in Capitalism, how many consumers want to buy those goods
Primary Sector
jobs that produce raw materials like farmers, miners, fishermen, and lumberjack
Secondary Sector
jobs that manufacture raw materials into products such as factory workers
Developing Countries
countries that are poor with little industry. People often suffer from diseases, food shortages, unsafe water, poor education and health services, and changing governments.
Developed Countries
countries that have lots of industries, machinery, and technology and most citizens get a good education and health care.
Monarchy
most popular form of government until 100 years ago in which a king or queen rules the government.
Economy
a system for producing, distributing, and consuming goods
Dictator
a ruler who has complete control over a country.
Consumer
a person who buys goods and services
Producer
an owner or workers who makes or provides goods or services
Capitalism
an economy system where businesses are privately owned and decisions are made by supply and demand
Command Economy
an economic system where the government decides what is produced, how much is produced, and what costs will be.
Constitution
set of laws that defines and limits government power.
United States government
representative democracy where the people elect representatives to make laws and run country. People maintain their power through voting and constitutional rights.
United States economy
capitalist economy where business owners are free to make products to make a profit and supply/demand controls what is made and how much it costs.