Economic Systems
*based on supply and demand
*very competitive
*no government oversight
What is market?
An economic barrier that might boost domestic production by placing a limit on foreign imports
What is a quota?
Haiti's low literacy rate may impact its standard of living in this way
What is it will make it lower?
Peter lives in Russia but he is traveling to the UK. He must do this in order to be able to buy the things he needs in UK.
What is use currency exchange to change his Russian Ruble to United Kingdom Pounds.
citizens elect the executive branch of government directly
separation of executive and legislative
executive branch is both head of government and head of state
What is Presidential?
* Very limited choices
*government driven
* no private property
What is command?
An economic barrier that stops trade between two countries without the use of military force
What is an embargo?
A low literacy rate shows lack of investment in what factor of production
What is human capital?
This country mainly specializes in manufactured products like automobiles.
What is Germany
Citizens have many rights and freedoms
Citizens elect the legislative branch of government
What is both presidential and parliamentary democracies?
*Based on bartering
*No currency
* Indigenous tribes would have used this
What is traditional?
A physical features like a desert that makes trade more difficult?
physical trade barrier
Cuba has a high literacy rate, so if Cuba wants to improve its low GDP it must do this
Invest in capital goods and entrepreneurship
Germany makes it easier for entrepreneurs to start their own business. How would this impact Germany's placement on the economic continuum?
It would move it closer to market.
The legislative body chooses the executive branch from the legislative body
The head of government and head of state are two different people
What is parliamentary democracy?
* a blend of private ownership and government regulation
*most nations are this type
What is Mixed?
An economic barrier that may be used to boost domestic production by placing a tax on an imported good
What is a tariff?
Communist nations tend to have a low GDP despite having a high literacy rate because of this
What is a lack of entrepreneurship due to the inability to own private property and run public businesses
The group of nations that have a common currency and free trade in Europe
EU
Citizens have no rights
The executive branch has more power than the other branches of government
What is an autocracy?
Most communist nations would be closer to what economic system?
Command
An economic barriers that stops trade by the use of force and a military to keep goods from entering or leaving a place
What is a blockade?
This factor of production comes from the earth and access to it makes trade and production easier
What is natural resources?
The rank of Germany, Russia and UKon the economic continuum from most command leaning to most market leaning.
Russia- Uk- Germany
Type of government that is also command
What is communist?