Government
What type of government chooses a leader by vote of the people?
What is democracy?
In which system do supply and demand drive production and prices with little government intervention?
What does GDP stand for?
What is gross domestic product?
What is a government called when one person has total control and citizen's have little or no say?
What is autocracy?
In which system does the government make most of the economic decisions about production and distribution?
What is a command economy?
What does a high standard of living often include?
Example:
Access to goods and services, affordable housing, how much money a person makes
What type of government elects a Prime Minister?
What is parliamentary democracy?
What is a mixed economy? Give one reason why a country may use it.
Example:
A mixed economy combines market forces with government regulation; countries use it to balance efficiency with public welfare.
True or False: A high literacy rate will help influence a higher GDP per capita.
What is True?
What is the role of the President?
What is holds the highest office in the executive branch?
Which system is centered around gathering basic resources and often relies on customs?
What is traditional economy?
What is a person who creates and pursues economic possibilities.
Examples include:
An autocratic government centralizes power to one ruler with few political freedoms for citizens;a democratic government allows citizens to choose leaders and participate in decision, protecting rights, and usually having checks on leaders.
Compare a command economy to a market economy in one sentence.
In a command economy the government decides what and how much is produce; in a market economy, individuals and businesses make those decisions through supply and demand.
Explain a free enterprise system in one sentence.
Example:
A free enterprise system is a part of a market system that allows individuals or business' to own, control, and operate their business'.