Economics
What are the three different economies?
Command, Traditional, Market
What are the two types of Democracy
Parliamentary
Presidential
In this type of Democracy, the leader is elected directly by the legislature (the law makers).
Parliamentary Democracy
A tax on imports is known as:
Tariff
A government system that is controlled by a single ruler with unlimited power. Citizens have little to no say in their government.
Autocracy
How many factors of Economic Production/Growth are there?
4
A government system controlled by a small, select, group of people. Citizens have very limited rights.
Oligarchy
A government system that is controlled by a single ruler with unlimited power. Citizens have little to no say in their government.
Autocracy
A limit on the quantity of an item brought into a country is...
Quota
In June of 2013, the European Union described to lift restrictions of the trade of weapons to Syrian rebels.
Embargo
The U.S. has an ____________________ on trade with North Korea because of its nuclear program. We do not buy anything from them or sell anything to them.
Embargo
The leader of government in a Presidential Democracy is known as:
President
In this type of Democracy, the leader works directly within the Legislature and shares duties and responsibilities. This is known as a "Fusion of Powers."
Parliamentary Democracy
In 2011, the United States Department of Agriculture Increased its annual sugar-import limit to 1.6 million tons for the year.
Quota
The leader of government in a Parliamentary Democracy is known as:
Prime Minister
Company XYZ produces cheese in Scotland and exports the cheese, which costs $100 per pound, to the United States. A 20% tax would require Company XYZ to pay the United States government $20 to export the cheese.
Tariff
In a parliamentary democracy, there is a ____________________________ between the executive and legislative branches. These two branches are joined together and share powers and responsibilities.
Fusion of powers
In a presidential democracy, there is a ____________________________________ between the executive and legislative branches. These two branches act separately and independently of one another.
Separation of powers
The government controls every aspect of the economy.
Command
In reality, no country operates as a "pure market" economy nor as a "pure command" economy, but rather countries have "mixed economies" which are a blend of both market and command economies.
True or False
True
John's father was a farmer, so was his grandfather. They farm in the same method their ancestors did. This is example of what type of economy?
Traditional
List the Different types of Government
Democracy, Autocracy, Oligarchy
A government system where the power lies with the people.
Democracy
Tony is an entrepreneur who chooses to open a shop that makes gourmet cupcakes. He can choose who he hires and how he makes the cupcakes with some rules from the government. He is required to pay his workers a minimum wage and keep his place of business clean. This is an example of what type of economy?
Mixed
In a Market economy, decisions about what to produce, how to produce it and for whom to produce it are answered by:
Supply and demand