Economy
economy based on traditions and customs within a family or tribe
Example: some African and South American countries
traditional economy
leaders must follow the same laws as the people
limited government
what is urban?
city
natural boarder between Texas and Mexico
Rio Grande River
government controls most (socialism) or all aspects of the economy (communism)
Examples: communist-North Korea
socialist-Russia
command economy (aka. Communism)
leaders do not follow the laws and because their is no one more powerful, they get away with doing whatever they want
Unlimited Government
what is rural
countryside
A major North American river and the chief river of the United States, longest river in the U.S.
Mississippi River
also called free enterprise or capitalist economy
where individuals are able to make all decisions about economic activity without government control or regulation
example: Hong Kong
market economy (aka. free enterprise or Capitalism)
unlimited government ruled by one person (often comes to power by force) Ex: Cuba
Dictator
A mountain range that stretches from eastern Canada south to Alabama.
Appalachian Mountains
northern boarder between U.S. and Canada
Great Lakes
shared control between individuals who decide what to make, how much to make, and how much to charge... but government regulates things like quality and safety
Example: USA
mixed economy
unlimited government ruled by a king/queen . Ex: Saudi Arabia. (monarchy is a king or queen)
Absolute Monarchy
mountains that extend north from the United States into western Canada
Rocky Mountains
A large gulf off the southeastern coast of North America
Gulf of Mexico
what are economic questions?
What to make?
How much to make?
How much to charge (for whom)?
limited government where every individual person eligible to vote will vote on 100% of the decisions/laws made Ex: Athens in Ancient Greece
Direct Democracy
runs down the center of the United States
Great Plains
Major cities to be able to locate on a map of the U.S.
Washington D.C.
Chicago
Los Angeles
Houston
New York City