Economic Definitions
Name 3 goods available for consumers to purchase.
So many right answers! A good is something you can touch or use that satisfies a want or need, like food, clothes, or a phone.
North Korea is led by one man who controls its whole government and the ruling political party.
The ruling party chooses candidates for an Assembly, and citizens vote. The candidates do not have opponents, so citizens have no choice.
autocracy--> dictatorship
What is a producer?
provide consumer goods & services, manufacturing
Switzerland: citizens elect representatives to sit in lawmaking assemblies, but citizens can also vote to propose their own laws and vote directly on them.
Democracy: elements of representative and direct
Brazil is led by a president who is elected by the citizens. Citizens in Brazil elect a new president every four years. Citizens also elect representatives to serve in two different legislative bodies.
Representative Democracy
What are consumers?
households, businesses, and governments that purchase goods & services
Ancient Athens: a city-state in Greece around 500 BCE, free adult men voted directly on laws and decisions.
Women, slaves, and foreigners could not participate, so only a portion of the population had a say in government.
Direct democracy with elements of oligarchy.
Saudia Arabia is let by a king. The king appoints ministers to help him govern, but there are no elections. The country's constitution is the Islamic holy book, the Qur'an.
Monarchy -- theocracy
What is an economy?
The system where producers make goods and services, and consumers buy and use them.
In South Africa from 1948-1994, the official government policy gave white people all the political power, even though the majority of South Africans were black. Only white people were allowed to elected representatives to a legislature.
Oligarchy (only loosely a representative democracy)
What is the global economy?
The economy of our planet, made up of economically independent nations that are intertwined and interdependent.
Denmark: the people elect representatives to sit in Parliament and make laws. The Queen of Denmark heads the country but only has a small role in government. The government is also led by a Prime Minister, who is appointed from among elected officials.
Constitutional monarchy (with elements of representative democracy)