(Blank)
What's Russia's Government type
Federal semi-presidential republic
What's U.K.'s Government type
Parliamentary democracy
What's Germany's Government type
Federal parliamentary republic
What do U. k. and Germany have in common? Select all that apply.
A. Both legislatures called parliament
B. Both have house of commons
C. Don't have bicameral legislatures
D. Both make laws
Answer:
A. Both legislatures called parliament
D. Both make laws
What's a Mixed Economy
a system blending capitalism and socialism, allowing private ownership and free markets alongside government intervention
What's a Command Economy
A system where a central government controls all major economic decisions, dictating what to produce, how much, and at what price
What's a Market Economy
Prices for goods and services are set by the forces of supply and demand, with minimal government intervention
What's a Traditional Economy
An economic system where customs, beliefs, and history dictate how goods and services are produced, distributed, and consumed
What's a tariff
Tax on imported goods. This causes prices to rise and discourages trade
What's a quota
limits the quantity of a product that can be imported
What's a embargo
completely stops trade with another country
What's currency exchange
process of converting one country's currency into another at a determined rate, driven by international trade, travel, and investment.
What's a Human capital
The education, training, and health of workers
What's Capital resources
Machines, factories, tools
What's Natural resources
Oil, minerals, water, fertile land
What's an Entrepreneurship
People who start new businesses and create new ideas
What Economic Systems does Russia Have
Mixed economy Leans towards Command side
What Economic Systems does U. k. Have
Mixed economy Leans towards Market side
What Economic Systems does Germany Have
Mixed economy Leans towards Government involvement
Whats Supply and Demand
Supply is the amount of a specific good or service that's available in the market. Demand is the amount of the good or service that customers want to buy