Government Vocabulary
What is a democracy?
a system of government by the whole population or all the eligible members of a state, typically through elected representatives.
Which country has a parliamentary system?
Some parliaments in this model are elected using a plurality voting system (first past the post), such as the United Kingdom, Canada, India, and Malaysia. In contrast, others use some form of proportional representation, such as Ireland and New Zealand.
What is specialization in economics?
specialization in economics is the process of an organization concentrating its labor and resources on a certain type of production to be more efficient and create a comparative advantage for an economy.
What is a tariff?
A tariff is a tax imposed by a government on imported or exported goods.
What is capital investment?
Capital investment refers to the funds that a company uses to acquire, upgrade, and maintain physical assets such as property, buildings, technology, or equipment.
What is a dictatorship?
a country governed by a dictator.
Which country is an absolute monarchy?
Absolute monarchies include Brunei, Eswatini, Oman, Saudi Arabia, Vatican City, and the individual emirates composing the United Arab Emirates
What is the advantage of specialization?
The primary advantage of specialization is increased productivity and efficiency
What is an import quota?
An import quota is a trade restriction that sets a physical limit on the quantity of a specific good that can be imported into a country during a given period.
What is human capital?
What is a monarchy?
a form of government with a monarch at the head.
Which country has a parliamentary democracy?
A country that has a parliamentary democracy is the United Kingdom
What is comparative advantage?
What is an embargo?
An embargo is a government-imposed restriction or prohibition on trade or movement of goods and services to or from a specific country or region.
What is technological innovation?
Technological innovation refers to the process of developing new technologies or improving existing ones to create better products, services, or processes.
What is a republic?
A republic, based on the Latin phrase res publica ('public affair'
Which country has a theocratic monarchy?
Theocracy countries include Vatican City, Yemen, Saudi Arabia, Sudan, Iran, and Afghanistan
How does specialization increase productivity?
The more they focus on one task, the more efficient they become at this task, which means that less time and less money is involved in producing a good.
What is a subsidy in trade?
What are subsidies in international trade? A subsidy is any financial aid provided by a government to a producer or seller of a good or service that is designed to increase the competitiveness of a particular industry firm or entire industry.
What is infrastructure development?
Infrastructural development, or economic development, is the process of improving certain infrastructural components vital to a country's or company's growth
What is a constitution?
A constitution is a fundamental set of principles or established precedents that outline government structure, functions, and limits.
Which country has a president as the head of government?
The United States is a country where the president serves as both the head of state and the head of government, making them the primary leader in the country's executive branch.
What is the division of labor?
What is a trade blockade?
the act of actively preventing a country or region from receiving or sending out food, supplies, weapons, or communications, and sometimes people, by military force
What is natural resource availability?
the function of the supply and demand of resources that are discovered, developed, processed, distributed and consumed in intricate value chains, a significant portion of which are global.