Vocab
What is economics?
The study of people or choices
Name the 3 types of economies.
Capitalism, Socialism, Communism
Define command economy
The government decides what is produced and how much. Resources belong to the people.
What kind of company is Microsoft?
A tech company
Legislative, Judicial, Executive
Give an example of capital
Lumber, money, gum, apples, etc.
Define capitalism?
No government control of the economy, private ownership of business
Define market economy
No gov involvement, economic decisions made by individuals/businesses, based on supply and demand.
Name one modern industry in Washington
Farming, Tech, Retail, Fishing, Timber
Define dictatorship
When 1 person controls the government and makes decisions. Usually takes power by force.
Goods/services sold to a foreign country
What is one example of a socialist program?
Free healthcare, free public education, law enforcement, firefighters
What culture practiced the traditional economic system?
Indigenous cultures
True or False: Agriculture is still a big industry in WA
True
Who is the current mayor of Seattle?
Katie Wilson
What is opportunity cost?
Cost of the next best alternative
What is the goal of communism?
To distribute wealth equally among the people.
Define mixed economy?
A system where some resources are owned by the government and others by businesses
What is mercantilism?
Colonizer economy that took resources from Indigenous people and made them into profitable industries.
What kind of government does the U.S. have?
An indirect DEMOCRACY or Federal Republic
Define supply and demand
Supply: How much of something is available Demand: How much of something people want
What is the difference between socialist and communist economies?
Socialism: Some gov and individual control Communism: Total government control
What is the role of the government in a Market economy?
There is none
When was Starbucks founded?
March 31, 1971
What does checks and balances look like in the U.S. government?
Making sure a branch doesn't get too powerful