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33 Cards in this Set
- Front
- Back
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Unitary Government |
central government holds the power |
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Monarchy |
king or advisors make most of the decision |
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Confederation |
local government holds all the power |
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Federal Government |
power is shared among different levels of government |
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Autocratic government |
ruler or leader has absolute power |
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Oligrachy |
political party or small groups makes all the decisions |
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democratic |
people play a great role in the decision making process |
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Parliamentary |
voted in by the legislature, prime minister is leader |
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What area of government does the Prime Minister lead? |
The executive brach |
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Presidential Government |
President leader, he is both, Head of State and head of government |
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Republic called the National Assembly (Africa) |
Kenya |
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Legal separation of the races |
Apartheid |
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Famine |
Starvation of people |
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traditional economy |
the trading of good |
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A type of trading |
bartering |
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Command economy |
centralized economy, government groups make most of the basic economic decisions for workers |
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Market economy |
economic decisions are made by individuals who decide what to produce and what to buy |
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capitalism, free enterprise, laissez-faire |
market economy |
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Mixed economy |
economy that incorporates all three types of systems |
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Voluntary trade |
both parties involved with the trade gain something in return (money-goods) |
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Specialization |
demand for a certain product (world market demand) |
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Tariff |
tax placed on imported goods |
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Quota |
set a specif amount of goods that can be imported |
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Organization of Petroluom Exporting Countries |
OPEC |
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Embargo |
no trade is allowed with the country |
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Human capital |
the knowledge and skills that make it possible for workers to earn a living |
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Gross domestic product |
GDP = total value of final goods and services |
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Capital goods |
factories, machines, technology that people use to make products |
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Income |
the total a person is earning |
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savings |
are tax income minus consumption spending |
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Budget |
a spending savings plan |
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investing |
stocks and bonds |
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Credit |
the ability to borrow money |
