Vocabulary A
This is the name for the people who create or make products or provide services
producers
Businesses compete to make a ________.
profit
When one person makes all the decisions, controls those in government, and can change the constitution.
Dictator
Name the 3 MAIN types of economy
Traditional, Market, Command
There is a large fire in California destroying the almond trees. What will likely happen to the price of almonds?
increase/ go up/ raise
This is the name of the people who buy and use goods and services
consumer
When no one rules and everyone rules for themselves
anarchy
Name the two types of democracy
Direct and Representative
These 3 things make up an economy
Labor, land, and capital
Oman is lead by a king. This makes the country run by this type of government.
monarchy
To pass or give things out is this word
distribute
This type of economy is where the consumers and producers make all the decisions.
market
When one business eliminates competition in an area and consumers no longer have choices it is called this.
monopoly
This type of economy has the government making all the decisions about production and distribution. The public owns the businesses, but the government tells them what to make and how much.
command
The country of Gabon in Africa is lead by a small group of military officers, making the government this type.
junta
This word is used to describe the amount of product available
supply
This type of government has a small group of people ruling the country
oligarchy
The government puts these types of laws in place to prevent companies from joining together or fixing prices to limit competition.
anti-trust
This government agency protects consumers and competition
FTC- FEDERAL TRADE COMMISSION
If Apple, Samsung, and Google decide to mass produce a pair of glasses like the Meta glasses the cost of the smart glasses will likely do this.
decrease/ go down
This word means the amount of product or service wanted by the consumer
demand
This word is a synonym for a tax, usually put on goods that are imported to protect US companies.
tariff
Iran has a leader who is a king and the laws are based on the Qur'an. This word(s) describe their government.
theocracy & monarchy
This motivates producers to develop a product or service that will make them a profit
self-interest
Syrian citizens overthrew their government which was led by one man who was the leader of the government and the military and made all the rules. The citizens no longer wanted to be led by this.
dictator