Government Systems
This country is a constitutional monarchy where a king or queen shares power with elected leaders.
United Kingdom
Name the 4 economic systems
traditional, marked, mixed, and command
Name the 4 factors of production
Name the 3 trade barriers
How does literacy rate impact standard of living?
Higher literacy rate typically means a higher standard of living
This country has a parliamentary system with a chancellor as head of government and a president with limited powers.
Germany
Jobs are passed down through generations and based on traditions and customs. A bartering system is used instead of currency.
Name this economic system.
factories, machines, and delivery trucks
These are all examples of which factor of production?
Capital goods
This trade barrier stops all trade between countries
Embargo
What is the difference between GDP and GDP per capita?
GDP is for the country as a whole, GDP per capita is calculated per person
This country is best described as having a central government with strong control over politics and the economy, often led by one major party.
Russia
Which country was historically a command economic system during the Cold War but is now considered a mixed leaning command?
Russia
Define human capital
Investing in the skills, training, and education of the work force
A tax is added to shoes imported from Germany. This is am example of which trade barrier?
Tariff
What is literacy rate?
All three countries have a bicameral legislature. What does this mean?
They have 2 branches, or chambers, in legislature
What are the 3 economic questions?
What to produce
For whom to produce
How to produce
How does investing in human capital benefit improve a country's economy?
Healthy, educated citizens are capable of performing job tasks more efficiently
If a country places a limit on the amount of goods brought in from another country, which trade barrier is being used?
Quota
A person who starts their own business is called?
Entrepreneur
How are the government systems of Germany and the UK similar and different?
Both are parliamentary democracies, but the UK has a monarch as the head of state.
The chief executive of the UK is called the prime minister, while in Germany they are called the chancellor.
What are the main differences between a pure command and a pure market economy?
Hint: your answer must be more thoughtful than "government and no government"
Command: the government answers the 3 economic questions
Market: consumers and producers answer the 3 economic questions; entrepreneurship is encouraged; prices are based on supply and demand
Innovation and the creation of new jobs
Which factor of production are these referring to?
Entrepreneurship
Is the producing country or the buying country more heavily impacted by trade barriers?
Producing
A country that invests in human capital and capital goods is likely to have what GDP?
High GDP