Who holds the most power in an autocracy?
One leader
What kind of government does North Korea have?
Autocracy
A traditional economy bases decisions on what?
Customs and traditions
What is specialization?
Focusing on making one product well
What is an entrepreneur?
A person who starts and runs a business
What type of government gives citizens the most freedom?
Democracy
What kind of government does Japan and India have?
Parliamentary democracy
In a command economy, who controls production?
The government
What is a tariff?
A tax on imports
Why are natural resources important?
They can be sold or used to create products
In a presidential democracy, who elects the president?
The citizens
Which country has a presidential democracy in Asia?
South Korea
In a market economy, who makes most decisions?
Businesses and consumers
What is a quota?
A limit on how many goods can be imported
How does specialization encourage trade between countries?
Each produces what they’re best at and trades for the rest
In a parliamentary democracy, how is the head of government chosen?
By the legislature
What country is a communist state with limited freedoms?
China
Which country is closest to a market economy?
Japan
What is an embargo?
A total ban on trade
In a mixed economy, who makes economic decisions?
Both the government and private citizens
In an autocracy, how much say do citizens have in government decisions?
Very little or none
What is the role of citizens in North Korea?
To obey the government; no real political choice
Which country is closest to a command economy?
North Korea
Why do countries exchange currencies when trading?
Because each country has different forms of money.
Who chooses Japan’s prime minister?
The legislature (Diet)