Branches of Government
This branch makes the laws.
What is the Legislative Branch?
What are the four factors of production?
What are land, labor, capital, and entrepreneurship?
What is a market economy?
What is a system where buyers and sellers decide what to produce and sell?
What is the Law of Supply?
What is as prices go up, producers make more?
What is the United Nations?
What is a group of countries working together for peace and problem-solving?
What is the head of the Executive Branch?
Who is the President?
What is scarcity?
What is when there aren’t enough resources to meet everyone’s wants?
What are the three basic economic questions?
What to produce? How to produce it? For whom to produce?
What is the Law of Demand?
What is as prices go up, people buy less?
What is OPEC?
What is a group of countries that control oil production and prices?
What are the two parts of the Legislative Branch?
What are the Senate and the House of Representatives?
What is economics?
What is the study of how people use resources to get what they need and want?
What is a traditional economy?
What is an economy based on customs and traditions?
Name two factors that affect demand.
What are price and popularity (or income, number of buyers)?
What does the IMF do?
What is help countries with money and financial problems?
What does the Judicial Branch do?
What is interpret the laws and check if they follow the Constitution?
What is the difference between a want and a need?
What is a need is something required to live; a want is something you'd like but don’t need?
What is a mixed economy?
What is a system combining government control and free-market choices?
What does the Federal Reserve do?
What is manage the U.S. money supply and stabilize the economy?
What was BREXIT?
What is the United Kingdom leaving the European Union?
Why is Marbury v. Madison (1803) important?
What is it gave the Supreme Court the power of judicial review?
How do education, capital, and technology affect productivity?
What is they improve skills, tools, and processes, increasing output?
What is a command economy, and how is it different from a market economy?
In a command economy, the government makes decisions; in a market economy, individuals do.
How can technology and cost of resources affect supply?
What is better tech increases supply; high resource costs reduce it?
Name the PIIGS countries and explain why they are grouped together.
What are Portugal, Ireland, Italy, Greece, and Spain – countries with economic struggles in the EU?