| A | B |
|---|
| Absolute Monarchy | King, queen, or emperor has complete control. |
| Authoritarian/Totalitarian | A form of government in which those in power hold absolute and unchangeable authority over people (dictatorship). |
| Capitalism/Market | An economic system providing free choice, individual incentive, and possible profit. |
| Command Economy/Communism | An economic system in which economic decisions to answer the basic economic questions of "what", "how", and "for whom" are made by the government |
| Communism | A political and economic theory in which most or all land and businesses is collectively owned and controlled by the government. |
| Confederation/Confederate/Confederacy | – A group of states or nations united for a common purpose;A form of political organization in which the sovereign states combine for specified purposes such as defense |
| Direct Democracy | Citizens make decisions by voting on issues individually. |
| Federal System/Federalism | - A system in which sovereignty is shared so that in some matters the national government is supreme and on others the state governments are supreme |
| Free Enterprise | An economic system characterized by private ownership of economic resources and goods; investments are determined by private decision rather than by state control and are determined in a free market. |
| Market | An arrangement wherein buyers and sellers can exchange resources, goods, and services. |
| Law of Supply and Demand | The price and quantity demanded of a resource, good or service are inversely related, other things being equal. As price increases, quantity demanded falls. As price decreases, quantity demands rises;The price and quantity supplied of a resource, good or service are directly related, other things being equal. As price decreases, quantity supplied decreases. |
| Limited Government | Basic principle of American government that states that government is restricted in what it may do and that each individual has rights that government cannot take away. |
| Mixed Market/Mixed | An economy that relies on a combination of traditional decision-making market decision-making and command decision making in order to answer the basic questions of what, how and for whom. |
| Oligarchy | system of government in which a small group holds power. |
| Opportunity Cost | - The foregone benefit of the next best alternative when an economic decision is made. If the class chooses to go to the library to work on their computer skills instead of having recess, then opportunity cost of the choice is having recess. |
| Parliamentary Democracy | a democracy having a parliament |
| Popular Sovereignty/consent of governed/majority rules | The rule by the people. Basic principle of the American System of government that asserts that the people are the source of any and all governmental power and that government can exist only with the consent of the governed. |
| Presidential Democracy | A form of government in which the executive and legislative branches are separate, independent, and co-equal. |
| Representative Democracy | - Representative democracy allows people to elect individuals and gives them the responsibility and power to make decisions about laws and how the government will operate. |
| Scarcity | The condition that results from unlimited economic wants and the limited resources, goods, and services available to satisfy those wants. |
| Totalitarian Dictatorship | – A form of centralized government that does not allow for differing opinion and exercises dictatorial control over many aspects of life. |
| Trade-Offs | A situation that occurs when choices or decisions involve giving up (trading off) some of one thing to get more of something else. |
| Traditional Economy | A system wherein economic decisions that people and groups make to answer the basic economic questions of "what", "for whom" and "how" generally repeat the decisions made at an earlier time by an earlier generation. |
| Unitary System | A centralized system in which all powers of government belongs to a single, central agency. |
| National Security | believe and policy on how to protect a country from internal and external sources |
| Social Order | maintaining safety through police protection, etc |
