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53 Cards in this Set
- Front
- Back
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federal system
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power is divided between the central government and local state governments
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presidential democracy
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citizens vote and elect a president and members of the legislature
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what does brazil call their presidential democracy?
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congress
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unitary system
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strong central government controls each fo teh smaller units in the country
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communist dictatorship (in cuba)
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citizens do not elect the president; president is appointed by the National Assembly of People's Power
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national assembly
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candidates must be approved by the communist party of cuba; citizens may vote for members
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communist party
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only one political party is allowed; controls central government
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Full name of Brazil's government
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Federative Republic of Brazil
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Full name of Mexico's government
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United Mexican States
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Full name of Cuba's government
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Republic of Cuba
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Distribution of power in Brazil
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federal
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distribution of power in mexico
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federal
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distribution of power in cuba
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unitary
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scarcity
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the limited supply of an item or service
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traditional economy
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the cusoms and habits of the past are used to decide what and how goods will be produced, distributed, and consumed
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command economy
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government planning groups make the basic economic decisions; they determine which goods/services to produce: the prices and the wages
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market economy
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decisions are guided by changes in prices that occur between buys and sellers in the marketplace
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free enterprise
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freedom of private business without much government interfferience
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capitalism
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freedom of private business without any interfierience form the government
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mixed economy
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an economic system that has characteristics of both command and pure market systems
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laissez faire
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allowed industries without interrfierience with government or tarrifs
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supply
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amount of goods avaiable
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demand
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how many consumers want the goods
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are there any pure command or pure market economies?
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no
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What does GDP stand for?
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Gross Domestic Product
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Gross Domestic Product (DGP)
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the total value of all the goods and services produced in a country in a one year time period
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human capital
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the investment in education, training, skills and the health of workers in a business or country
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physical capital
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includes the factories, machines, technologies, buildings and property needed for a business to operate
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human resources
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the education and skills that people have in order to produce goods and services
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capital resources
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things like machines and equipment that people need in order to produce the goods and services
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natural resources
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often thought of as "gifts of nature"; the natural wealth of a country
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trade
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voluntary exchange of goods and services among people and countries
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trade barriers
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created by countries to try and limit trade
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tariff
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a tax on imports
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imports
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goods purchased from other countries
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capital resources
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things like machines and equipment that people need in order to produce the goods and services
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exports
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goods sole to other countries
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natural resources
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often thought of as "gifts of nature"; the natural wealth of a country
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quota
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a specific limit placed on the number of imports that may enter a country
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trade
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voluntary exchange of goods and services among people and countries
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embargo
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a government order that stops trade with another country
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trade barriers
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created by countries to try and limit trade
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specialization
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when a country's exports and factories are focused on a few goods or services instead of a wide variety
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tariff
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a tax on imports
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imports
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goods purchased from other countries
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exports
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goods sole to other countries
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quota
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a specific limit placed on the number of imports that may enter a country
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embargo
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a government order that stops trade with another country
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specialization
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when a country's exports and factories are focused on a few goods or services instead of a wide variety
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What does NAFTA stand for?
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North American Free Trade Agreement
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What did NAFTA do?
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took away all tariffs on goods traded among US, Canada, and Mexico
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currency
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the money people use to make trade easier
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exchange rate
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the price of one nation's currency in terms of another nation's currency
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