Economic Systems
Supply is a commodity (product) that someone has for sale. Demand is the number of people wanting to buy what is for sale.
The more scarce the supply, the more the demand (higher prices) the more supply, the less demand (lower prices).
Renewable or nonrenewable?
Coal.
Nonrenewable!
Define "Dictatorship"
One person or a small group possesses absolute power without effective constitutional limitations, often through despotism (domination through the threat of punishment and violence).
What do the Latin words “res publica” mean when referring to a "republic"?
"public affair"
Define "Economy"
The economy is the part of a society that deals with wealth, trade, and resources. It monitors the production (making) and consumption of goods (items) and services.
What are the 3 questions a country must ask in order to form an economic plan?
1. What goods/services will be produced?
2. How will goods/services be produced?
3. Who will consume the goods/services?
Renewable or nonrenewable? Geothermal energy.
Renewable!
Define "Theocracy"
A form of government in which a deity (higher power) is recognized as the supreme ruling authority, giving divine guidance to human representatives. Mixes of government and religion.
What are the two types of democracies?
2 types of Democracies:
Direct democracy: all the voters come together in one place to make laws and decisions.
Representative democracy: the people elect representatives to make the laws and decisions.
List 3 attributes of Communism.
Government controlled.
Collective ownership.
Shared/pooled resources.
Abolish class and wealth ineqaulity.
What is the major difference between Socialism and Communism?
Communism does not support individual ownership, but collective ownership and heavy government control, whereas socialism may allow individual choice in ownership alongside government enforced policies.
When fossil fuels burn, they release carbon dioxide into the atmosphere. Research shows that a major contributor to the greenhouse effect and global warming is our overuse and burning of fossil fuels. Fossil Fuels are nonrenewable.
What are the 4 main purposes of the Government?
2. Security/safety
3. Maintain order
4. Decision-makers
Why is the United States a democracy AND a federation?
The United States allows citizens to vote for their representatives and participate in electing their government.
The U.S. has a central government with national laws, but each state also has its own governance and set of laws.
A central government makes all economic decisions.
The government owns the land and the means of production (sets prices for goods, and determines wages for workers).
The government controls businesses, labor, and natural resources.
Which economic system believes, "things should naturally run their course and will work out how they're supposed to work out, without outside intervention"...
Capitalism
Which country is a 2020 world leader in expanding renewable energy sources? 1. Australia 2. Germany 3. Chile 4. China 5. India
China
Define "Federalism"
A balance of local and national power. This system divides power between a central government and the different regions within a country. Regions can self-govern and have their own authority, as well as.
Which country has a monarchy today?
1. Italy 2. Ireland 3. Morocco 4. New Zealand
How does a "Traditional Economy" obtain resources and then trade them?
Old-fashioned methods of agriculture, fishing, hunting-gathering, then bartering instead of money.
What does "Free Enterprise" mean?
Competition between companies free of government control (shifts prices of goods/services)
China, the United States, and India combined consume ___?__ percent of the world's fossil fuels by weight.
54 percent, according to the Global Material Flow Database developed by the UN Environment Program.
What does the Greek word "oligarkhes" mean when referring to an Oligarchy?
“few to rule.”
In which country did Ms. Knutson visit an anarchy-like community?
Denmark