Forms of Government
In this system of government, a single ruler holds all supreme power, and citizens have little to no say or voting rights.
What is an Autocracy?
In this type of economy, a central government makes all the decisions about what goods are produced, how they are made, and who gets them.
What is a Command Economy?
This is an extra tax added to imported goods to make foreign products more expensive and protect local businesses.
What is a Tariff?
n this type of government, citizens directly vote for their executive leader (like a President) completely separate from the legislature.
What is a Presidential Democracy?
Prices, goods, and production in this economy are decided by private business owners and consumers based on supply and demand.
What is a Market Economy?
This trade barrier puts a strict physical limit on the specific amount of a foreign good that can be imported into a country.
What is a Quota?
In this democracy, voters elect members of parliament, and parliament then selects the leader (like a Prime Minister), making the leader part of the legislative branch.
What is a Parliamentary Democracy?
Because almost no nation has a pure market or pure command system, most countries fall on a line combining private business with government regulations, which is called this.
What is a Mixed Market Economy?
This is a complete government ban on trading with a specific country, usually used as a political punishment.
What is an Embargo?
This form of government is led by a small group of powerful people while everyday citizens have very limited roles.
What is an Oligarchy?
This economic term refers to the total value of all goods and services produced inside a country in a single year.
What is Gross Domestic Product (GDP)?
This system converts one nation’s money into another’s so that countries using different monetary units can trade with each other.
What is Currency Exchange?
This Greek word means "the people" and forms the root of the word democracy.
What is Demos?
A nation invests in this when it spends money to improve schools, teacher training, and job skills for its workforce.
What is Human Capital?
If Country A wants to protect its local car makers by allowing only 10,000 foreign cars into the country each year, it is using this trade barrier.
What is a Quota?