Forms of
Government
Government
What is an Autocracy
One Leader, very little citizen participation
What is a Traditional Economy?
Based on traditions.
What is an Embargo?
A ban on trade
Define Currency Exchange
Changing one countries type of currency for another countries currency
Chief exectutive has the most power. The head of state hold very little power and is more cerimonial.
True or False: Saudi Arabia has a
constitutional monarchy.
False: Absolute Monarchy
What is a mixed economy?
A mix of Command and Market
What is a Tariff?
A tax on imports
Why was OPEC created?
To control how much oil exported, where it is sent, and the price per barrell charged.
How are leaders chosen in an autocracy?
It is a hereditary position.
What is an Absolute Monarchy
Ruled by a king or Queen
What is a Command Economy?
Economy completely controlled by the government
What is a Quota?
A limit on imports
Where are most OPEC countires located
The middle East
True or False: Turkeys Constituiton is the Quran?
False
What is a Democracy
Citizens Hold the power. They have freedoms and rights.
What is a Market Economy?
An economy driven by consumers. Based on Supply and Demand.
What are Capital Goods?
Man-mad tools that help someone do their job
Why does international trade require
exchanging currencies?
To be able to purchase things in the country you are visiting.
Israel's Chief executive is called...
Prime Minister
Explain the difference between a Parliamentary and Presidential Democracy
Parliamentary: Citizens elect Parliament, Parliament elects the leader. This is indirect vote. Chief executive works with legislature.
Presidential: Citzens elect the legistlatue, citizens elect leader. This is direct vote. Chief executive works outside of legislature.
What are the 3 basic questions every
economic system must answer?
What to produce
How to produce it
Who to produce it for
What is Human Capital?
Skills, Education, or Training that help someone do their job.
What natural resource makes Saudi Arabia wealthy
Oil
Turkey's Chief Executive is Called
President