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unitary confederation

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federal

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autocracy oligarchy

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democracy

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parliamentary presidential

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constitutional monarchy monarch

Government Terms System of government where all the power is given to the central government. A loose alliance of countries or other political units like states. Membership is voluntary. Each unit has final control of its own laws and citizens. The central government makes decisions only on issues that affect the entire confederation. System of government where power is divided between the central government and the government of small political units like states. System of government where one leader holds complete power. Citizens have no participation in government. System of government where control rests with a small group of people with wealth or power. Citizen participation is restricted to the ruling group. System of government where the people hold supreme power. All citizens have equal rights to participate in government regardless of their position or wealth. A system of government where the legislature controls the power. Headed by a prime minister. A system of government where the executive and legislative branches are separate bodies elected independently by the citizens. Headed by a president. Has a constitution but its head of state is the monarch (king or queen). King or queen.

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traditional economy

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command economy

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market economy

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mixed economy specialization

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opportunity cost tariff quota embargo North American Free Trade Agreement (NAFTA)

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exchange rate

Economics Terms Economic system found in agricultural societies where people live in the same way their parents and grandparents did. Economic system where the government controls what is produced and how it is produced. The government owns the resources and decides who gets the products. Economic system where a countrys economic decisions are based on what its people want to buy and sell. People can own their own businesses and produce what they want. Supply and demand for a good or service determines what to produce and how to produce it. Mix of two or more economic systems. Usually a blending of command and market. Countries specialize in what they do best. Is an efficient way to work, and the cost of items produced is lower. Increases trade because a country can get what it needs at the lowest cost when produced by someone who specializes in producing that item. The value of what is given up when a choice is made. Taxes placed on imported goods. Restrictions on the amount of a good that can be imported into a country. Forbid trade with another country. In 1994, the U.S., Canada, and Mexico entered into a trade agreement called NAFTA. It lowered trade barriers in order to create a free trade zone between the 3 countries, and greatly increased trade and economic integration between them. How much one currency is worth in terms of another currency.