FVA Unit 2 Culture Vocab Practice

Vocabulary flashcards covering culture, trade barriers, economic systems, government types, and productive resources from the Unit 2 Culture review.

Culture

the way of life of a group of people who share similar beliefs and customs

Cultural Diffusion

Spreading new knowledge and skills to other cultures

Embargo

A ban on trade

Tariff

A tax on imported goods

Quota

A limit placed on the number of a good that can be imported

Export

to sell goods or resources to other countries

Import

To buy goods from another country

Gross Domestic Product (GDP)

The total of all the goods and services produced in a country in one year ($)

Natural resources

materials found in nature that can be used by humans

Renewable resources

Any natural resource that can replenish itself in a relatively short period of time, usually no longer than the length of a human life.

nonrenewable resources

A natural resource that can't be replaced after it is used up

Examples of renewable resources

sun, wind, and water, trees, crops

Examples of nonrenewable resources

coal, oil, natural gas

Literacy Rate

The percentage of a country's people who can read and write.

Specialization

when people or countries concentrate on making goods and services that they can produce better and cheaper than anyone else

Romance Languages

Any of the languages derived from Latin including Italian, Spanish, French, and Romanian, and Portuguese.

Entrepreneur

A person who risks their own money to start a business or make a product

Standard of living

Quality of life based on a persons abilities to meet their needs and wants

Currency

money

Currency Exchange

converting one country's money into the same quantity of another's

Goods

the physical objects that someone produces (clothes, shoes, tvs)

Services

Actions or activities that one person performs for another (teaching)

3 economic questions

What to produce? How to produce? For whom to produce?

pure market economy

an economic system with citizens and supply and demand making all economic decisions

pure command economy

an economic system with the government making all economic decisions

mixed market economy

an economic system with the citizens and supply and demand making most economic decisions but the government operates a few industries

mixed command economy

an economic system with the government making most economic decisions but the citizens have some freedom

Democracy

A political system in which the citizens have the most power (ex: parliamentary and presidential)

Autocracy

A system of government in which the power to rule is in the hands of a single individual (ex: dictator and absolute monarch)

Representative Democracy

A system of government in which citizens elect representatives, or leaders, to make decisions about the laws for the people.

Parliamentary Democracy

Form of government in which people vote for the legislative body, which in turn selects the prime minister.

Presidential Democracy

A form of government in which the citizens directly elect a president

Dictatorship

A form of government in which the leader has absolute power and authority and keeps that power using the military and force.

Absolute Monarchy

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

Human Capital

the knowledge and skills a worker has

physical capital

all human-made goods that are used to produce other goods and services; tools, technology, and buildings