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12 Cards in this Set
- Front
- Back
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Totalitarian Government
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highly centralized government in which citizens have no influence on laws ofthe government and freedoms are highly restricted; includes communism andfascism
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Democratic Government
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government in which citizens can influence laws of the government and areallowed certain rights and freedoms; includes presidential and parliamentarydemocracies
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Gross Domestic Product (GDP)
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total market value for all goods and services produced within a country duringa specific time period
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Purchasing Power Parity (PPP)
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estimate of the adjustment necessary on the exchange rate so an exchangewill be equivalent to each currency’s buying power
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Market Economy
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economy based on competition, supply and demand, individual rights, andeconomic profit
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Laissez-faire
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non-intervention by the government
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Command Economy
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economy in which the government owns of production and makes all economicdecisions
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Mixed Economy
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economy incorporating elements of market and command economies
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Economic Development
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degree to which a country is industrialized, adopts new technologies, providesbasic resources for its citizens, and sustains a minimum standard of living
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Infrastructure
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foundation of basic systems and facilities serving a nation; includes sewage,water, electric, transportation, and communication systems
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Globalization
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integration of the world’s economy through increased international business
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Diplomacy
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practice by which nations conduct relationships with one another
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