Vocabulary Unit 1 Lesson 2.1
What is an autocratic (totalitarian) government?
a government where one person has all the power
What is a free enterprise system?
a market economy that grants people the freedom to own, control, and operate businesses
Which statement best describes the relationship between literacy and gross domestic product (GDP)?
a. GDP and literacy rates are not related at all
b. Nations that invest in education always have lower GDP
c. Educated workers are usually more productive and capable.
d. Learning to read helps people earn higher wages.
c. Educated workers are usually more productive and capable.
Talia received the most votes. She is the next leader of the country. What type of government is this?
a. autocracy
b. democracy
c. dictatorship
d. monarchy
b. democracy
What are some ways citizens can engage in government?
Through voting, serving in roles, attending public meetings, interacting with elected officials, and even protesting
What is a mixed economy?
a combined command and market economy
In a free enterprise system, what are ethics?
Means that businesses keep their promises, treat customers and employees fairly, and play by the rules
What indicates a high standard of living?
a. Gas stations often run out of fuel by noon.
b. Every citizen has an affordable place to live.
c. Many workers are unable to find a job.
d. There is only one type of bread available.
b. Every citizen has an affordable place to live.
Describe the difference between a autocratic (totalitarian) government and a constitutional (Democratic) government.
In the autocratic government one person, like a king or a dictator, has all the power. However, in contrast the democratic government, the power is shared among all the citizens.
What type of economy uses involuntary trade?
Command economy - people in a command economy are not free to choose what goods to import and export
What is a traditional economy?
an economy that is centered on gathering and using basic resources, often linked to faming
What is a standard of living?
a measurement of what the average citizen of a country is able to afford financially
Which economic system involves the government distributing resources fairly?
a. socialist
b. traditional
c. communist
d. free enterprise
a. socialist
represents how much people want a resource, good, or service
What is the difference between exports and imports?
Exports are sold for gold and profit (they go to another country). Imports are the goods that are brought into a country.
What is a market economy?
an economy where the government doesn't play a role in planning or making economic decision
the measurement of all the money that goods produced bring in as part of the economy of a country
A free enterprise system gives people and business the freedom to own and operate businesses (1). For a free enterprise system to run smoothly, business need to keep their promises (2) and treat customers and workers fairly (3). When businesses follow the rules, it helps the economy to grow (4).
Choose the parts of the text that describe ethics.
a. 1
b. 2
c. 3
d. 4
c. 3
d. 4
Define supply.
how much of that resource, good, or service is available
What does it mean to be ethical in your academic work?
you follow what is right and wrong in your work (doing it honestly and with your best effort)
What is a command economy?
an economy where the government is the economic planner for all decision and efforts
What is a socialist system?
the government is involved, making sure everyone gets their fair share
What are the three barriers to trade?
Tariffs, Quotas, Embargoes
Compare a command economy to a market economy by selecting the most accurate sentence.
a. In a command economy, the government makes economic decisions, and in a market economy, people make decisions.
b. Governments do not pass laws affecting trade or business in market economies or in command economies.
c. In both command and market economies, people are free to make whatever economic choices they like.
d. Governments decide what resources people have access to in both types of economies.
a. In a command economy, the government makes economic decisions, and in a market economy, people make decisions.
What type of economy of the United States have?
Mixed Economy