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12 terms

Latin Am. Political/Economic

Vocabulary
STUDY
PLAY
democracy
govt. in which citizens hold power directly or through elected representatives
dictatorship
leader rules with military backing (Cuba)
communism
small group has all power, socialist ideas based primarily on economy (Cuba)
traditional economy
economy in which goods and services are traded without exchanging money
command economy
govt. controls all economic decisions (planned economy)
nationalize an industry
govt. takes over and owns industry (Venezuela)
market economy
consumer demand controls (USA)
mixed economy
combination of command and market economies
natural resources
materials in or on the earth with economic value (Trees, fish, coal, petrol...)
renewable resources
can be replaced through natural processes (trees, seafood)
non-renewable resources
can't be replaced once removed (petrol, oil, natural gas, coal)
inexhaustable resources
used for making power, result of solar or planetary processes. Unlimited. (Wind, solar power, Tides)