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12 Cards in this Set
- Front
- Back
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totalitarian government |
highly centralized government in which citizens have no influence on laws of the government and freedoms are highly restricted |
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democratic government |
government in which citizens can influence laws of the government and are allowed certain rights and freedoms includes presidential and parliamentary democracies |
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gross domestic product |
total market value of all goods and services produced within a country during a specific time period |
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purchasing power parity |
estimate of the adjustment necessary on the exchange rate so an exchange will be equivalent to each currency's buying power |
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market economy |
economy based on competition supply and demand individual rights and economic profit |
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laissez faire |
non intervention by t he government |
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command economy |
economy in which the government owns of production and makes all economic decisions |
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mixed economy |
economy incorporating elements of market and command economies |
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economic development |
degree to which a country is industrialized adopts new technologies provides basic resources for its citizens |
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infrastructure |
foundation of basic systems and facilities serving a nation includes sewage, water, electric, transportation, and communication systems |
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globalization |
integration of the worlds economy through increased international business |
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diplomacy |
practice by which nations conduct relationship with one another |
