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23 Cards in this Set

  • Front
  • Back
Situation in which a country imports more than it exports
trade deficit
Economic term for when less developed nations export raw materials to industrial nations and import manufactured goods
economic dependence
a type of government where legislators are elected by a vote of the people, then they choose an executive from among themselves
parliamentary democracy
factory system that produced huge quantities of goods at lower prices
mass production
measure the quality and availability of the necessities and comforts in a society
standard of living
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
command economy
a type of government where a person backed by the army assassinates the ruler of a nation and declares that he is now ruler
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.
traditional economy
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
market economy
an economic system in which both the government and private enterprise control most consumer goods
mixed economy
a type of government where a religious leader rules a nation according to the principles of a holy book
a type a government where representatives, such as a president, are elected by voters
presidential democracy
another name for wealtrh or resources to invest in businesses
domination by one country of the political, economic, or cultural life of another country or region.
the right to vote
the reduction of armed forces and weapons
economic system where private individuals own businesses
spending more money than is taken in
deficit spending
a type of government where a queen or king has total control of a nation and their word is law
a feeling of pride or devotion to one's country
belief that a ruler's authority comes directly from God
divine right rule
policy in which business is allowed to operate with little or no government interference
laissez faire
a type of government where a king is the riler of the nation, but there is constitution that he follows to govern the people
constitutional monarchy