Vocab
What is economics?
The study of people or choices
Name the 3 types of economies.
Capitalism, Socialism, Communism
Define traditional economy
Traditions and rituals guide economic production with no government involvement
What kind of company is Valve?
A video game company
Legislative, Judicial, Executive
Give an example of capital
Lumber, money, gum, apples, etc.
What is traditional capitalism?
No government control of the economy, private ownership of business
An economic system where resources and production are owned by the people but the government decides what is produced and how much.
Which economic system is this?
Command economy
Name one industry in Washington
Farming, Tech, Retail, Fishing, Timber
Define autocracy
When 1 person controls the government and makes decisions
Goods/services sold to a foreign country
What is one example of a socialist program?
Free healthcare, free public education, law enforcement, firefighters
What culture practiced the traditional economic system?
Indigenous cultures
True or False: Mercantilism originated in the Colonial period
True
What type of democracy is the U.S.?
An indirect democracy or Federal Republic
What is opportunity cost?
Difference between the cost of what you do/buy and the cost of the next best thing
What is the goal of communism?
To distribute wealth equally among the people.
What is a mixed economy?
A system where some resources are owned by the government and others by businesses
What is happening with Starbucks right now?
They are unionizing because Starbucks is closing stores
What does checks and balances mean?
A system where one branch can check the power or another to make sure one doesn't get too powerful
How are supply and demand related?
You need them to be balanced in order to have a successful business
What is the difference between socialist and communist economies?
Socialism has the goal of dividing wealth equally among citizens. Communism divides wealth and work equally among people based on production
What is the role of the government in a Market economy?
There is none
What type of economy does the U.S. have?
Socialist
Who is the mayor of Seattle?
Katie Wilson