Unit 4: Anatomy of a Nation

Democracy

A political system in which the supreme power lies in a body of citizens who can elect people to represent them

Autocracy

a system of government by one person with absolute power.

Dictatorship

A form of government in which the ruler is an absolute dictator (not restricted by a constitution or laws or opposition etc.)

consensus

general agreement

Monarchy

A government ruled by a king or queen

Ideology

A consistent set of beliefs by groups/individuals

Power

The ability to have others do what you would have them do

Communism

A type of government, economic system and ideology which seeks to form a society where everything is shared equally and the state owns everything.

Constitution

A document which spells out the principles by which a government runs and the fundamental laws that govern a society

Capitalism

An economic system based on private ownership of capital (money)

Propaganda

information, especially of a biased or misleading nature, used to promote or publicize a particular political cause or point of view.

Monarch

king or queen

Absolute Monarchy

A government in which the king or queen has absolute power.

Nationalism

A strong feeling of pride in and devotion to one's country

Economics

The science that deals with production, distribution and consumption of goods and services.

goods and services

Goods and services are the output of an economic system. Goods are physical items sold to customers, while services are the tasks performed for the benefit of the recipient.

Immigration

Migration to a new location

Emigration

Migration from a location

Migration

A movement from one country or region to another

commodity

Any good that can be bought, sold or exchanged

Marginalisation

The social process of becoming or being isolated and left out

international

between or among the nations of the world

domestic

within a country

import

bring (goods or services) into a country for sale.

export

A good or service produced in the home country and sold in another country.

free trade

international trade free of government interference or taxes

Protectionism

Economic policy of shielding an economy from imports.

import quota

a limit on the amount of a goods that can be imported

Tariff

A tax on imported goods

to sanction

to impose an economic punishment onto a nation

Oligarchy

A government ruled by a few powerful people

anarchy

(n) a lack of government and law

Benefit

A positive feature in economics

Cost

A negative feature in economics

Opportunity Cost

what you give up when making that choice. For example if you choose the apple, you give up the opportunity to have the cheetos

incentive

a positive or negative environmental factor that motivates behavior

barter economy

system in which one set of goods or services is exchanged for another

inflation

The rate of increase in prices for goods and services and fall in the value of money over time

Deflation

is when the price for goods and services decreases and the value of money increases

scarcity

A situation in which unlimited wants exceed the limited resources available to fulfill those wants

Embargo

an official ban on trade

Tarrif

A tax on imported goods

Industry

Any economic activity which creates jobs and generates income.

Manufacturing

the creation of new products, either from raw materials or components.

Industrialisation

the process of developing industry within a country.

Infrastructure

the basic structures and facilities (e.g. buildings, roads, power supplies) needed for the operation of a nation.

GDP

Gross domestic product. The total monetary value of all goods and services that a country produces in a year.

Primary Industry

The production or extraction of raw materials and includes forestry, farming, fishing and mining.

Secondary Industry

The manufacturing of goods. For example, China has a thriving manufacturing sector producing electronics

Tertiary Industry

Provides services to people, for example a cleaner, teacher or doctor.

Quaternary Industry

Focuses on knowledge-based industries or high-tech industries and research and development.

Pre-Industrial Phase

a country is mostly focused on the primary sector and the main activity is likely to be agriculture.

Industrial Phase

secondary and tertiary sectors increase in importance. Primary sector activities start to decline.

Post-Industrial Phase

manufacturing starts to decline as the tertiary sector becomes the most important sector and quaternary industries start to develop. Only a very small percentage of the overall population will now be involved in primary industries.

SEZ

Special Economic Zones (China)

Push Factor

something that makes people want to leave a place

Pull Factor

something that attracts people to a place.

Discrimination

negative behavior toward a group and its members

demand

a good or service that consumers are willing and able to buy

supply

The amount of goods available

surplus

A situation in which quantity supplied is greater than quantity demanded (there is too much of something)

shortage

a situation in which a good or service is unavailable or limited

Equilibrium

A state of balance between supply and demand

shift

an external factor that affects supply and demand