European Government systems
What Government System put the power in the hands of the people?
Democratic Government
What are the three basic economic questions?
1. what to produce?
2. How to produce?
3. for whom to produce for?
What war involved the Confederacy (American South) and the Union (American north)
The American Civil War
What are the 3 major trade barriers?
Embargo, Quota and Tariff
What does Illiterate mean?
Not able to read or write
\What are the two types of democracies?
Presidential and Parliamentary Democracies
Which economic system is based on customs, habits, and traditions passed down from generation to generation? (parents/grandparents)
Traditional Economy
What world war involved Germany, Austria-Hungry, Bulgaria, and the Ottoman Empire as the Central powers Vs. Russia, the USA, France, Italy and Great Britain as the allied powers??
World War I
America is having trouble selling its own wheat because it's importing a lot of wheat from Russia. Which trade barrier should America use to limit the amount of Russian wheat, which will raise its price?
Quota
What does Standard of living measure?
How well of people are in a country
What kind of Government system does the UK have?
Parliamentary Democracy
If a country has an autocratic government, on which side of the economic continuum would you expect them to fall?
The Command Side
What two countries were involved in the Vietnam War?
Vietnam and the USA
What trade barrier places a tax on imports?
A Tariff
What is a literacy rate?
this tells us how many people over the age of 15 can read and write
What kind of government system does Russia have?
Presidential democracy
The country of Vanguard is controlled by an autocrat. Which type of economy would Vanguard most likely have?
command economy
Who was the third president of the USA?
Thomas Jefferson
Which trade barrier is considered the least restrictive?
A Tariff
What is the term for a worker who focuses on one job and becomes an expert at it?
Specialization
What is the lawmaking body (legislature) of the United Kingdom and Germany called?
Parliament
Which country's natural resources are hard to get to because of size and climate, impacting their economy?
Russia
What year did the American Civil war end?
1865
What is the term for something that interrupts free trade?
What is currency exchange?
The process of converting one type of money into another.