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12 Cards in this Set
- Front
- Back
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culture |
the way of life of a group of people who share similar beliefs and customs |
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8 traits |
social groups, language, religion, daily life, history, arts, government, economy |
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supply and demand |
determines the prices in a market economy |
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ethnic group |
group of people who share common culture, language, or history |
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monarchy |
form of government ruled by a king or queen who inherits the right to rule the country |
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dictatorship |
government under the control of one all powerful leader(takes control and rules government as they wish) |
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democracy |
people of the country hold the power of government/vote for leaders |
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economy/economic system |
the rules for how goods and services are produced and exchanged.
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traditional economy |
based on customs and beliefs, handed down from generation to generation |
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market economy |
based on free enterprise, citizens decide what to buy/choose jobs, businesses decide what to produce |
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command economy |
government owns businesses and controls decisions about what goods and services will be produced, sometimes even what jobs people have |
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communist state |
country whose government has strong control over the economy and society as a whole |
