Types of Economies
What is the term for a system where the government controls what is produced and how much?
Command Economy
What is a Democracy?
Government ruled by the people
If a new video game is released and many people want to buy it, what happens to its price?
Price goes up
What does the term scarcity mean?
Lack of a resource
This animal is known as the "King of the Jungle" despite actually living in grasslands and savannas
Lion
Economic system in which people can obtain goods and services in almost any way they want
Market Economy
What is a Monarchy?
Ruled by a King or Queen
If there is a drought that affects wheat production, what happens to the supply of bread?
Supply goes down
What does the term impulse buy mean?
Buy something without much planning or thought
This reptile can regrow its tail if it loses it, and some species can even walk on walls and ceilings using special toe pads.
Gecko
The kind of economy that combines part of a market economy and a command economy
Mixed Economy
What is a Theocracy?
Government ruled by Religious leaders
What happens to the demand for winter coats when the weather gets colder?
Demand goes up
What does the term bartering mean?
Trade without using money
This insect species can carry up to 5050 times its own body weight and lives in highly organized colonies with different roles like workers, soldiers, and queens.
Ant
What type of economy relies on tradition and customs to make decisions?
Traditional Economy
What is a Dictatorship?
If a popular toy is being sold for a lower price, what might happen to the demand?
Demand goes up
What is a loan?
borrowed money you have to pay back. Often with interterest
This animal's heart can weigh up to 1,000 pounds and is the size of a small car, making it the largest heart of any living creature
Blue Whale
What is supply? and What is Demand?
Supply: How much of something their is
Demand: How much people want something at a given price
What are the two kinds of Democracy Systems we discussed in class?
What happens to the demand when people leave the city
Demand goes down
What is a credit card? What is a Debit Card?
Credit Card: Money borrowed you have to pay back later
Debit Card: Money that goes directly from your back account to who you are buying from
This deep-sea creature uses bioluminescence to attract prey and can absorb 99.95% of visible light, making it one of the blackest known natural materials.
Angler Fish