Economics and Government Vocabulary

A market without government control

A form of government in which political power is controlled by one individual

A tax on goods entering a country

A limit on the number of goods which can be imported

In this government system, power is not inherited, but usually acquired by force

In this government system, God is seen as the ultimate authority and source of power

The belief government should not interfere in the market place

Anything that can be used

A type of democracy where there are no elected representatives; the citizens vote on everything

An economic system where the government controls key industries, like power or transportation.

A ban on trade with another country

Mechanism by which buyers and sellers agree on a price

When supply equals demand

An economic system based on customs and traditions

Father of Classical Economics

An economic system where private businesses or citizens make the major economic decisions

The study of how things people need and want are made and brought to them

This type of government is led by a small group of people

An economic system where the government makes ALL the economic decisions

When a government makes payments to an industry to help it compete with foreign industries

All countries rely, to some extent, on the goods and labors of other countries

No government at all

Rule by kings, queens, emperors, princes, etc . . . Job is usually inherited

When demand is greater than supply

Goods bought from other countries