Government Vocabulary
What is the term for a government ruled by a king or queen?
Monarchy
What type of government does Israel have?
Israel has a parliamentary democracy with a multi-party system. The Prime Minister is the head of government, while the President holds a ceremonial role as the head of state.
Define economic specialization.
The process by which individuals or businesses concentrate on producing a limited range of goods or services.
What is a tariff?
A tax imposed on imported goods and services.
Name one factor that contributes to economic growth. .
Natural resources, capital, labor, technology, or entrepreneurship.
What is a government where the power is in the hands of a few people?
Oligarchy
How does Saudi Arabia manage oil wealth?
Saudi Arabia funds social programs and is working on economic diversification through Vision 2030.
Give an example of a country specializing in oil production.
Saudi Arabia
Name a non-tariff barrier to trade.
Quotas, embargoes, sanctions, or import licenses.
Access to Capital Markets
Availability of credit and financial services for businesses to expand and innovate.
Define democracy.
A form of government in which the people have the authority to choose their governing legislation.
In this country, the President has considerable executive powers.
Turkey
How does specialization benefit international trade?
It allows countries to produce what they are best at and trade for what they need, increasing efficiency and economic growth.
what is a trade embargo?
A government order that restricts commerce with a specified country or the exchange of specific goods.
What role does technology play in economic growth?
It increases productivity and efficiency, allowing for more goods and services to be produced with the same resources.
What is the term for a government where a single person holds absolute power?
Dictatorship
This country’s legislature is called the Knesset.
Israel
What is a major risk of economic specialization?
Dependence on one product or service can be risky if demand or prices fall.
What role do trade agreements play in removing barriers?
Trade agreements, like free trade agreements (FTAs), aim to reduce or eliminate trade barriers between countries, promoting smoother trade flows.
Why is stable government important for economic growth?
It provides a predictable environment for businesses and investors, reducing risks and encouraging investment.
What does "theocracy" mean?
A system of government in which priests rule in the name of God or a god.
This country underwent a significant shift from parliamentary democracy to a presidential republic in 2018
Turkey
How does specialization affect a country's workforce?
It can lead to the development of skilled labor in specific industries but may limit workers' abilities to transition to other fields.
How do trade barriers affect global trade?
Trade barriers can reduce the flow of goods and services, raise prices, and limit market access for businesses.
How can infrastructure improvements boost economic growth?
By enhancing transportation, communication, and utilities, infrastructure improvements make it easier and cheaper to conduct business.