Economy
An economy where supply and demand/consumers control it
What is a market economy?
embargo, tariff, quota
people vote for members of the legislature, who then choose one of their own to be the leader. This leader and their team make decisions and run the country, but they're accountable to the legislature.
Parliamentary democracy
an area of land that is surrounded by water on three sides
peninsula
An economy that is characterized by bartering and passing down skills
What is a traditional economy?
A block or complete stop on trade
What is an embargo?
Presidential democracy
a measure of a location's distance north or south of the equator
latitude
An economy where the government answers all three economic questions
What is a command economy?
A tax on imports/goods traded
What is a tariff?
form of government where one leader holds complete power to rule
Autocracy
a measure of a location's distance east to west of the prime meridian
longitude
An economy that has some government control but is also allows supply and demand to answer the 3 economic questions.
What is a mixed economy?
A limit on imports/exports to or from another country
What is a quota?
a political and economic system where all goods and property are owned by a whole society rather than by individual people, and the government controls the production of goods.
communism
a pair of numbers/letters that use a grid to identify a specific location
coordinates
What is specialization?
When one country specializes in a specific good and then trades with another country
What is GDP per capita?
Gross domestic product per capita and it measures the total market value of the goods and services produces by a country in a specific year divided by the population.
a form of government where a ruler or small group holds absolute power over the people, often through fear and/or force
dictatorship
an exact point on Earth's surface expressed by a coordinate system such as latitude and longitude
absolute location