systems of government II VOCAB

Aristocrat

somebody who was born into a high social class

inherited

something that is passed down from one generation to another

democracy

government in which the people hold the power to govern

parliament

britain’s law making body or congress

cabinet

a group of advisors who serve the president or prime minister

general election

the common people vote instead of representatives

capitalism

an economic system where the people own and control most industries and businesses

corporation

a large company with many partners or shareholders

factors of production

things that are needed in order to produce a good

goods

any physical item which can be bought or sold

Services

things that are done for a profit

supply

the amount of a good that is available

demand

how much buyers want an object or good

Socialism

an economic system where the government controls key industries

communism

an economic system which is entirely controlled by the government and the society as a whole owns all industries and businesses

Domestic

things that happen at home or in ones home country

international

dealing with more than one nation

economy

the trading of goods, services, and money

Laissez-Faire

the government should leave private businesses alone

Economic system

the method used to produce, distribute, and exchange goods and services within a nation