Country Governments
What type of government is found in both Mexico and Brazil?
Presidential Democracy
Mexico has what type of economy? (be specific)
Mixed-market leaning
Citizens elect only the legislature
Give two examples of human capital
Education, skills, training, abilities
In a command economy, who makes all economic decisions?
Government
What is the role of the citizens in Brazil?
Citizens are required to vote (18-70) for both president and legislature
All modern economies are considered what?
Mixed economies
Who do citizens vote for in a presidential democracy?
Both chief executive and legislature
Give two examples of capital goods
Factories, machines, technology
In this type of economy, economic decisions are based on customs and beliefs of the past.
Traditional
What type of government is found in Cuba?
Autocracy/dictatorship/communist
What type of economy is found in Cuba? (be specific)
Mixed-command leaning
King Charles III/Monarch of United Kingdom
Literacy rate is connected to which economic growth factor? (capital goods, entrepreneurs, natural resources, human capital)
Human capital
Country A places a LIMIT on the amount of goods that Country B trades with them. This is an example of what type of trade barrier?
Quota
How is the leader chosen in Mexico?
Citizens directly elect the leader since it is a presidential democracy.
What type of economy is found in Brazil? (be specific)
Mixed-market leaning
What are the similarities between presidential and parliamentary democracies? List at least two.
Citizens vote, both are democracies, citizens elect legislature, citizens have many freedoms
Who demonstrated entrepreneurship?
Kayla who learned to make clothes, so she started a business that sells clothes to people in need
OR
Kyle who invested money in Apple stock, making him very rich
Kayla - she created her own company, while Kyle invested in a company that already existed
What is the USMCA and what is its purpose?
United States-Mexico-Canada Agreement. To eliminate trade barriers and increase trade between member nations.
What type of government is found in both Canada and Australia?
Parliamentary democracy
What would happen if a country had a pure market economy? Explain.
It would lead to chaos; people could sell dangerous items; the economy would collapse; citizens could set prices to be as high as they want
What are the differences between parliamentary and presidential democracies? List at least two.
Presidential - direct (citizens directly elect leader), citizens vote both legislature AND leader, leader is called a president, leader is separate from legislature
Parliamentary - indirect (citizens do NOT directly elect leader), citizens vote ONLY legislature, leader is a prime minister, leader is part of legislature
If a country invests in human capital, list at least two things that will happen as a result.
GDP will increase, literacy rate will increase, more skilled workers, could increase standard of living, increase in production of goods
What are some effects of specialization? (when a country focuses only on what they do best and most efficiently).
Increases trade, increases amount of goods, cheaper products for consumers, can increase GDP