Economic Systems
Which economic system is based on customs and traditions?
Traditional economy
Moving left on the economic continuum means more __________ control.
Government
What is the head of government in Germany called?
Chancellor
In a democracy, who has the power to elect leaders?
Citizens
What is a complete ban on trade with another country called?
Embargo
Which economic system is controlled by the government?
Command economy
Which economic system would be farthest to the left on the continuum?
Command economy
What type of government does Germany have?
Parliamentary Democracy
Which type of government has one person making all decisions?
Autocracy
Education and job training are examples of investing in __________.
Human capital
A country allows businesses to set prices, but the government regulates some major industries. What system is this?
Mixed economy
If a government increases control over businesses, which direction does it move on the continuum?
Left
In Germany, who elects the head of government?
the legislature
(+ 200 points if you can name the legislature and its 2 houses)
Citizens elect legislators, and the legislators elect the head of government. What type of system is this?
Parliamentary democracy
Buying new machines and equipment is an investment in __________.
Capital goods
In which economic system do producers and consumers answer the three economic questions?
Market economy
Country A has more government control than Country B. Which country is more market-leaning?
Country B
How is a parliamentary democracy different from a presidential democracy?
In a parliamentary democracy: Voters elect legislators, and legislators choose the head of government.
In a presidential democracy: Voters elect both legislators and head of government
Why are citizens in democracies generally considered “more free” than in autocracies?
They can vote and influence government decisions
Why does having a higher literacy rate usually increase GDP?
workers have advanced skills and can do basic level to high paying jobs
Explain why the United Kingdom is considered a mixed economy rather than a pure market economy.
Possible answer: Because businesses/ business owners make decisions, but the government also has some control.
Look at the following picture, which country has more economic freedom for its citizens. https://drive.google.com/file/d/1Ldn31dD6XNZrPJBAPXUe1PI-eaE-7CW0/view?usp=sharing
Country B
Russia’s president holds more power than Germany’s president and the U.K's King. Why?
The president (of Russia is the head of government) which has more power that the King of the U.K and President of Germany (head of state).
Why might citizens in an autocracy feel less happy compared to citizens in a democracy?
citizens of autocracy can not vote/ they have no voice in government decisions
The EU creates job training programs for young people. How will this impact a country's GDP/ standard of living?
Higher GDP and improved standard of living