Government and eco.

Government and eco.

Print FlashCard
Term Definition
Traditional Am economic system in which communities follow customs and produce what has always been produced in the past
Command economy An economic system in which the government makes decisions about what to produce
Mixed economy An economic system in which both the government and individuals play important roles about what to produce
Market economy Am economic system in individuals and businesses make most decisions about what to produce
Communism A political and economic system in which all property and wealth is collectively owned by all members of society
Socialism An economic philosophy that calls for property to be owned by the society as a whole
Free enterprise An economic system in which the means of production are mostly privately owned and operated for as profit
Imports When one country brings good or services in from another country for sale
Exports When one country send good and services to another country
Trade Buying, selling, or exchanging commodities addy either wholesale or retail
Wholesale The sale of goods in large quantities for resale
Retail The sale of goods to consumers usually in small quantities
Monarchy A form of government headed by a single rule called a monarch
Dictatorship A form of government led by a single person or small group, sometimes from the military
Theocracy A form of government headed by religious leaders
Single part state A form of government where the constitution allows only one political party to govern
Parliamentary democracy A form of government where voters elect lawmakers top represent them in nations parliament
Presidential democracy A form of government where voters choose a president to lead the government

Leave a Reply

Your email address will not be published. Required fields are marked *