Types Of Economy
Decisions are made by individuals and businesses based on supply, demand, and price signals. Government intervention is minimal
Market Economy
A mindset or situation where resources, opportunities, or possibilities are viewed as plentiful and expandable
Abundance
What year did colonists first enter what now is Washington state?
1775
mandatory financial charges or levies imposed by governments (federal, state, or local) on individuals and entities to fund public services, infrastructure, and government operations
Monetary Tax
Who was the first president of the United States
George Washington
A central authority or government controls all economic activity, production, and resource allocation
Command Economy or Planned Economy
This concept emphasizes the importance of maintaining natural corridors and habitats that allow wildlife to thrive, find food, and reproduce.
Connectivity
Between 1843 and 1869 what was the name used for the route to travel to the Pacific Northwest called?
The Oregon Trail
Taxation that does not involve cash
Non-Monetary Tax
During the economy simulation, what happened when someone had 0 candies
They lost their chair
Based on customs, history, and beliefs, often centering on subsistence agriculture and barter
Traditional Economy
a decentralized network where multiple nodes or units hold comparable authority, allowing for more flexible and collaborative decision-making.
Heterarchy
What longitude was decided as the border of UK and US territories on the Pacific Northwest?
The 49th parallel
What benefit do loopholes give to help the upper class?
Less taxation or Less tax reporting
Where did the hunter store their meat as quoted by Kimmerer
In the belly of their brother
What is an example of a Traditional Economy that relies on abundance and reciprocity?
practices that lead to the degradation of land and ecosystems due to overexploitation and neglect.
Heedless Use
When was the Lummi reservation established
1855
A system in which taxes are used effectively and serve the community they come from is called ____ use of taxes
Ideal or Idealized
What city in Whatcom County can only be accessed by land if you enter Canada first
Point Roberts
Combines elements of both market and command systems, where private enterprise exists alongside government regulation and public services. This is the most common system globally
Mixed Economy
Necessary costs for a government to run, often argued to be theft
Taxation
What historical event took place in 1889
Washington becoming the 42nd state
What percentage of taxes allocated to the military are not accounted for every year
43%
Who was president when the Lummi reservation was established
Franklin Pierce