9th Grade Economics and Government Vocabulary Flashcards

Terms Definitions
authority
power to give orders or make decisions
order
obedience
society
social group that has a distinctive cultural and economic organization
human nature
natural behavior
free will
free/independent choice
justice
maintenance/administration of what is just by law
racism
intolerance of a race
freedom
right to enjoy privileges
equality
state of being equal
religion
set of beliefs and practices
democracy
government where the people vote on the decisions
socialism
political theory advocating state ownership of industry
fascism
political system headed by a dictator that calls for extreme nationalism/racism and no tolerance of opposition
Marxism
theory created by Karl Marx and Frederich Engels that centers on communism and its inevitability
totalitarianism
form of government in which the ruler is an absolute dictator
elitist
rule by a socially superior group
propaganda
spreading ideas, information, or rumors that are not usually for the benefit of society
utopian
unbelievable notions of a social group
free market
economic system where the types of goods sold, price of goods, price paid to laborers, etc. are decided by the owner of the business
laissez-faire
uses economics to keep the government out of their hair
capitalism
economic system that uses government regulations to help the markets operate fairly and protect consumers/property owners
communism
economic system where the government owns much of the economic institutions
unions
organization of workers that give them a voice about their employers/job
mass production
when a specific item is manufactured in large quantities to be sold in the market at one time
mass consumption
when large amounts of a single product is consumed by a large portion of the population and is available at all times to them
commercialism
turning something that is generally free into a purchased item
supply
amount of goods available
demand
desire to own something/ability to pay for it
point of diminishing returns
when the product of labor decrease and the employees increase
factors of production
land, labor, and capital
/ 30
Term:
Definition:
Definition:

Leave a Comment ({[ getComments().length ]})

Comments ({[ getComments().length ]})

{[comment.username]}

{[ comment.comment ]}

View All {[ getComments().length ]} Comments
Ask a homework question - tutors are online