Political And Economic System

Front 1

totalitarian government

Back 1

highly centralized government in which citizens have no influence on laws of the government and freedoms are highly restricted; includes communism and fascism

Front 2

Democratic government

Back 2

Government in which citizens can influence laws of the govt and are allowed certain rights and freedoms; includes presidential and parliamentary democracies

Front 3

Gross Domestic Product

Back 3

Total market value for all goods and services produces within a country during a specific time period

Front 4

purchasing power parity

Back 4

estimate of the adjustment necessary on the exchange rate so an exchange will be equivalent to each currency buying power

Front 5

Market Economy

Back 5

Economy based on competition, supply and demand individual rights and economic profit

Front 6

Laissez- faire

Back 6

non- intervention by the government

Front 7

Command economy

Back 7

economy in which the government own of production and makes all economy decisions

Front 8

mixed economy

Back 8

economy incorporating elements of markets and command economies

Front 9

economic development

Back 9

degree to which a country is idealized adopts new technologies provides basic resources for its citizens and sustains a min standard of living

Front 10

infrastructure

Back 10

foundation of basic systems and facilities serving a nation includes sewage, water, electric, transportation, and communication systems.

Front 11

globalization

Back 11

Integration of the words economy through increased international business

Front 12

diplomacy

Back 12

practice by which nations conduct relationships with one another.