Governments
In this type of government, the people rule through elections.
What is "Democracy" (or similar enough.)
In this economy type, the decision of what to produce, how to produce it, and for who to produce something is determined by the purchaser.
What is market economy
This word describes good and services entering your country.
What are imports.
This factor of production describes resources found in nature, used to fuel the economy.
What are natural goods?
This term describes the net value of all goods and services produced by a nation over one year.
What is GDP (Gross Domestic Product?)
In this type of government power is concentrated in the hands of one person.
What is an autocracy (Dictatorship, Absolute monarchy, similar will be accepted.)
In this economy type, the decision of what to produce, how to produce, and for who to produce is determined by the government
What is a command economy?
This word describes goods and services leaving your country to be sold in foreign markets.
What are exports?
This factor of production describes the training, education, and care for your workers.
What is Human Capital?
This term is used to describe the education level of a country, and describes the percentage of adults who can read and write.
What is literacy rate?
In this type of government, the State owns all property, has supreme power, and controls resources and distribution.
What is communism? (Similar or "close enough" accepted.)
In this economy type, the decision of what to produce, how to produce, and for who to produce is determined by tradition
What is traditional economy?
This trade barrier is a tax on imports.
What is a tariff?
This factor of production describes machines, factories, and other man-made products which are used to produce goods and services.
What are Capital Goods?
This term refers to people living with very limited resources, particularly money.
What is poverty?
The United Kingdom has this type of limited Monarchy
What is a Constitutional Monarchy?
This is the term used to describe all economies which exist on the economic continuum as a blend of Command and Market.
What is mixed economy?
This trade barrier is a limit on imports
What is a quota?
This factor of production describes having people willing to take risks to start new businesses and ideas.
What is entrepreneurship?
This describes purchasing things without currency through direct trade of goods and services. It is the staple of traditional economies.
What is bartering?
In this type of Democracy, power rests in the hands of an official elected by the legislative branch, (Prime Minister, Chancellor)
What is a Parliamentary Democracy.
In this pure economic type, your teacher could purchase a nuclear weapon to use for fireworks, no questions asked.
What is pure market.
This trade barrier stops imports and exports with another country and is frequently used punitively (like a punishment.)
What is an embargo?
Communist Command driven economies struggle with this factor of production most, because everything is decided by government committee.
What is entrepreneurship?
This is required for your teacher to purchase goods or services from a foreign country, using American Dollars.