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14 terms

Social Studies Ch.4, Section 3 Vocab

a system for producing, distributing,consuming, and owning goods, services, and wealth. pg. 88
a person who makes products that are used by other people. pg. 88
products that are to be sold; cars, baskets, computers, and paper are all examples of goods. pg. 88
work done or duties preformed for other people, such as the work of a doctor or of a TV repair person. pg.88
a person who buys goods and services. pg. 88
an economic system in which people and privately owned companies own both basic and non-basic buisnesess and industries. pg.89
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
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
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
a system of authoritarian government headed by a monarchy-usually a king or queen-who inherits the throne by birth. pg.91
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
a ruler who has complete power over a country. pg.92