economic
I traded my cow for a chicken.What economy do I have.
Traditional
What is a Autocracy government
A type of government where the people can not speak out against the government.
Define scarcity.
A limit on something
The government chooses what is produced.How to produce. And whom to produce to. What economy do I have.
command
Define embargo.
A complete ban on trade
I can start my own buisness and decide what to produce. What economy do I have.
Market
18 years and older can vote for what in Germany
Bundestag
Define standard of living
The level of wealth and material comfort to a person or community.
I can start my own buisness but the government checks to see if the product is safe.
Mixed
What type of democracy is Russia.
Parliamentary Democracy
Define Tariff
A tax on imported goods
What are the 3 economic questions we have to ask ourselves.
1. What to produce
2. How to produce
3. To whom to produce to
What is the head of state of the UK
Monarch
Define Human capital and capital goods
Human capital- training and skills a worker has to produce a good;education and training.
Capital goods- durable good used in the production of goods; machineary,factories, and technology.