Economics
What is the fundamental problem all economies face?
What is scarcity?
Which factor of production includes natural resources?
Land
Which system is based on customs and traditions?
Traditional economy
What type of government is ruled by a king or queen?
Monarchy
What is one example of a political right?
Voting, (answers my vary)
What three things must exist for demand to occur?
Desire, ability to pay, and willingness to buy
Identify the factor: A person working at a job.
Labor
Which system allows businesses and consumers to make most decisions?
Market economy
What type of government is controlled by one leader with total power?
Dictatorship
What is the difference between a right and a responsibility?
Rights are freedoms you have; responsibilities are duties you are expected to fulfill
Explain scarcity in your own words and give an example.
Limited resources compared to unlimited wants (Example will vary)
Identify the factor: Tools or machines used to make goods.
Capital
Which system has the government controlling major economic decisions?
Command economy
What type of government is ruled by a small group?
Oligarchy
What is the purpose of the naturalization process?
To ensure new citizens understand laws, language, and civic responsibilities
What typically happens to supply during a major holiday, and why?
Supply increases because producers expect higher demand
Identify the factor: A person starting and managing a business.
Entrepreneurship
Give one similarity and one difference between capitalism and socialism.
Both involve production of goods/services; capitalism = private ownership, socialism = more government involvement
What is the main difference between federal and unitary systems?
Federal = power shared between national and local governments; Unitary = power held by central government
Define sovereignty OR nation-state.
Sovereignty = ability to govern oneself; Nation-state = country with shared culture and identity
How does scarcity influence choices made by consumers or businesses?
It forces them to make trade-offs and prioritize needs/wants
Create an example that includes all four factors of production.
must include land, labor, capital, entrepreneurship
Explain why capitalism often leads to more innovation.
Profit motive and competition encourage new ideas and businesses
Describe two differences between democratic and authoritarian governments.
Democracy = citizen participation, elections; Authoritarian = limited freedoms, centralized power
Why do political parties use gerrymandering?
To gain or maintain political power