Basic Economics
What to produce, how to produce, for whom to produce
What are the three economic questions
America puts a limit on the number of cars that can be imported from China. This is an example of which trade barrier?
What is a quota?
A country that is ruled by one person.
What is an autocracy?
GDP
Gross Domestic Product- the total amounts of goods and services produced by a country in one year.
An economy that is a blend of command and market elements
What is a Mixed Economy?
Embargo
What is it called when a country completely stops all trade with another country.
A country that places value in the citizens and protects citizens freedoms with laws.
What is a democracy?
If a country has a high literacy rate they will also have high:
-NOTE: TWO PARTS TO THE ANSWER
High GDP and STANDARD OF LIVING
In a traditional economy this is how the questions are answered
quota, embargo, and tariff
What are trade barriers
The chief executive in a Parliamentary Democracy
What is a prime minister.
Pencils, paper, desks, games, cars, machinery
What are capital goods?
They want protection from the government for buyers and sellers
Protection of domestic companies can be accomplished by enacting which two trade barriers?
What are quotas and tariffs?
The country is run by a few select people
A person who takes risks to start their own company
What is an entrepreneur?
The factors of production
What are natural resources, entrepreneurship, human capital, and capital goods.
A tax placed on an imported good.
What is a tariff?
The chief executive of a Presidential Democracy
What is a president
water, land, agriculture
What are natural resources?