Government
Economics
Trade
Standard of Living
Misc.
100
What are the 3 branches of government?
Legislative, Judicial, and Executive
100
What is a command economy?
When the government controls major industries
100
What is a tariff?
Tax on imports
100
What does GDP (Gross Domestic Product) show?
How much money a country produces in a year
100
What is a quota?
A limit on the amount of goods that be imported
200
What type of government do the UK and Germany have?
Parliamentary democracy
200
What is a traditional economy?
When economic decisions are based on custom and habit/old way of doing things
200
What is it called when a country decides to only produce what they are good at making?
Specialization
200
If a country has a low literacy rate, is their standard of living high or low?
Low
200
What kind of government is an anarchy?
A system with no authority/government/laws
300
Describe a presidential demcoracy?
A type of government where people vote directly for the head of the executive branch in addition to the legislative branch
300
What is a mixed economy?
When a country has a mixture of private ownership and government restriction/limitation
300
What is an embargo?
A complete stop on trade
300
True or False: a high GDP is more important than a high GDP Per Capita
False
300
What type of economy does Cuba have?
Command or Mixed Command
400
What is this an example of: Rossy votes for a political party/legislative branch, but not for the executive branch.
Parliamentary Democracy
400
What is human capital?
refers to a person's skills, knowledge, and experience.
400
In 2015 the US stopped all trade with Cuba. What is this an example of?
Embargo
400
What does GPD Per Capita tell you?
How much each person in a country makes on average
400
What are the 3 basic economic questions?
1. What goods should be produced?
2. How should goods be produced?
3. For whom should the goods be produced?
500
What is each branch of government responsible for doing?
Executive: Enforcing the laws
Judicial: Interprets the laws
Legislative: Makes the laws
500
In the fictional city of Ironville, the government decides what every factory makes and how much each item costs, from shoes to sandwiches. People in Ironville don’t choose their jobs or what to buy—everything is planned by leaders to keep things equal for everyone. What kind of economy is this?
Command Economy
500
Which type of economy emphasizes trading freely with other countries.
Market Economy or Capitalism
500
What do you need to take into account when measuring standard of living?
Acceptable Responses:
- Life Expectancy
- Literacy Rate
- Access to services
500
What is this table showing?
Currency Exchange Rate