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23 Cards in this Set
- Front
- Back
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Situation in which a country imports more than it exports
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trade deficit
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Economic term for when less developed nations export raw materials to industrial nations and import manufactured goods
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economic dependence
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a type of government where legislators are elected by a vote of the people, then they choose an executive from among themselves
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parliamentary democracy
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factory system that produced huge quantities of goods at lower prices
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mass production
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measure the quality and availability of the necessities and comforts in a society
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standard of living
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an economic system where the allocation of resources including determination of what goods and services shoul be produced and in what quantity is planned by the government
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command economy
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a type of government where a person backed by the army assassinates the ruler of a nation and declares that he is now ruler
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dictatorship
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an economic system in which decisions such as the who, how, what, and for whom questions are all made on the basis of customs, beliefs, religion, habit, etc.
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traditional economy
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an economy in which the setting of prices and allocating of resources are determined by the forces of supply and demand and that permits an open exchange of goods and services between producers and consumers
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market economy
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an economic system in which both the government and private enterprise control most consumer goods
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mixed economy
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a type of government where a religious leader rules a nation according to the principles of a holy book
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theocracy
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a type a government where representatives, such as a president, are elected by voters
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presidential democracy
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another name for wealtrh or resources to invest in businesses
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capital
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domination by one country of the political, economic, or cultural life of another country or region.
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imperialism
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the right to vote
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suffrage
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the reduction of armed forces and weapons
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disarmament
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economic system where private individuals own businesses
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capitalism
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spending more money than is taken in
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deficit spending
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a type of government where a queen or king has total control of a nation and their word is law
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monarchy
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a feeling of pride or devotion to one's country
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nationalism
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belief that a ruler's authority comes directly from God
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divine right rule
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policy in which business is allowed to operate with little or no government interference
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laissez faire
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a type of government where a king is the riler of the nation, but there is constitution that he follows to govern the people
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constitutional monarchy
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