GED Social Studies | 2023/24

GED Social Studies | 2023/24 Monarchy - One person from a royal family is ruler Dictatorship - Absolute power of one leader Oligarchy - Governed by a smart upper class group Representative democracy - people elect officials to represent their views Central Government - Also known as Federal Government Legislative branch - Branch of the federal government that makes laws Executive branch - Branch of the federal government that carries out laws Judicial branch - Branch of the federal government that interprets laws Checks and balances - A system that regulates the power of the federal government branches Veto - refuse; not accept Republicans and Democrats - two main political parties in US Immigrants - People moving to another country Three basic economic systems - Capitalism, Socialism, Communism Recession - Period of low productivity and income Depression - Severe recession Inflation - Increase in prices Deflation - Decrease in prices Communism - Economic system where government interference is the most Capitalism - Economic system where government interference is the least Federal Reserve System - Keeps economy in balance Gross Domestic Product (GDP) - Total value of goods and services produced; is used to measure economic growth Gross National Product (GNP) - Indicator of GDP plus foreign investments Consumer Price Index (CPI) - Measures changes in cost of living Topographical Maps - Maps that give details about land Elevation - How high something is Equator - Central horizontal line on the globe Prime Meridian