Types of Governments & Economies
A type of government where a King and Queen have absolute power over the people
What is a Monarchy?
Some kind of obstacle put in place to limit free trade between two countries
What is a Trade Barrier?
Someone who buys good or services
What is a consumer?
A tax on imports from a foreign country to encourage people to buy domestic goods
What is a Tariff?
A network of trade routes which expanded from China to Europe and allows for civilizations to share goods, ideas and beliefs.
What is the Silk Road?
In this type of economy, there is no creativity because everything is done how it has always been done
What is a Traditional Economy?
Whenever a country imports more goods and services than they export to other countries
What is Trade Deficit?
The act of buying and selling goods between countries
What is Trade?
A complete ban of imports and exports from one or more countries
What is a Trade Embargo?
This civilization was actually a collection of many individual city-states, and one of them created what we now know as Democracy
What is Ancient Greece?
A type of government where politicians are elected into office and are meant to speak for their voters
What is a Republic (Representative Democracy)?
Whenever countries specialize in a certain good, and agree to rely on others for goods they cannot produce in exchange for theirs
What is Interdependence?
Whenever a good is rare, or low on supply and cannot meet the demand
Scarcity
A limit on the amount of goods a country can import or export
What is a Quota?
A monarchy that passed it's power from generation to generation in ancient China
What is a Dynasty?
An economic system that is known for being motivated by self-interest
What is a Command Economy?
The ability for one country to produce a good at a lower cost than others
What is Comparative Advantage?
The thing that is given up anytime you make a choice
What is Opportunity Cost?
Whenever countries agree to trade with one another without any Trade Barriers
The first civilization to create a written language, eventually known as Cuneiform.
What is Mesopotamia?
An economic system that encourages competition between business and individuals, with a centralized system to stop monopolies
What is a Mixed Economy?
The act of breaking up the production process into different steps so workers can focus on one task
What is Division of Labor?
The prices in the market are decided by this Law.
What is Supply and Demand?
The US proclaimed a trade embargo on this country in 1962 as a political statement against communism
What is Cuba?
What is a Cubit?