Political Systems
A form of government in which the state is ruled by a monarch.
Monarchy
A group of people who have the power to make and enforce laws for a country or area.
Government
Having a limited quantity of resources to meet unlimited wants.
Scarcity
The desire for a certain good or service.
Demand
The price paid for borrowing money.
Interest.
A political and economic system in which government owns all property and makes all economic decisions.
Communism
A government structure in which government actions are limited by law.
Limited Government
The money a company has left after subtracting the costs of doing business.
The amount of a good or service that is available for use.
Supply
An arrangement in which a buyer can borrow to purchase something and pay for it over time.
Credit
A government in which all power is held by a single person or a small group.
Authoritarian
A government structure in which there are no effective limits on government actions.
Unlimited Government
The money earned by selling goods and services.
Revenue
The cost of what you have to give up.
Opportunity Cost
Goods and services produced within a country and sold outside the country's borders.
Exports
An independent state consisting of a city and its surrounding territory.
City-State
An unjust use of power.
Tyranny
An organized way for producers and consumers to trade goods and services.
Market
People or businesses that make and sell products.
Producers
Goods and services sold in a country that are produced in other countries.
Imports
A state that is independent of other states.
Nation-State
A system of basic rules and principles by which a government is organized.
Constitution
A general increase in prices
Inflation
People and businesses that buy or consume products.
Consumers
A tax on imports or exports.
Tariff