Government and Economics
In a traditional economy, how are economic decisions made?
Customs, Traditions, and Culture
In a command economy, how are the decisions made?
Government Planners
In a market economy, who makes the economic decisions?
Consumers and the Market
Who takes on the financial risk in starting a new business in a market economy?
The Individual Business People starting the Business
The early African kingdom of Ghana’s gold and salt trade would be an example of what type of economic practice?
Traditional Economic System
What country currently would be the best example of a command economy?
North Korea Cuba
Which type of a government controls all aspects of life for its people?
Communist
Because China is moving from an economy controlled entirely by the government to a more consumer oriented economy, it’s economic system can best be described as?
Mixed Economic System
Which economic system has the least government control?
Market
To increase my human capital, what should I do? a.Buy a new car b.Take a vacation to Florida c.Clone myself d.Go to college
d. Go to College
What type of government is led by a king or queen?
Monarchy
A satellite map of the Korean peninsula at night shows a difference in the ___________________ between North Korea and South Korea.
Standard of Living
What is the difference between an Absolute Monarchy and a Constitutional Monarchy?
A Constitutional Monarchy protects the rights of its citizens
What is a set of laws that protect the citizens of a country?
Constitution
In a Democratic Republic, the power is in the hands of who?
The People
A type of government led by a religious leader is called a ____________________.
Theocracy
Which country is considered a modern day example of an oligarchy?
Russia
A historical example of a theocracy would be which ancient civilization?
Ancient Egypt
Which type of government are you most likely to find a dictator in charge?
Communist
The Iran Hostage Crisis was led by a group of Iranian students following the orders of Ayatollah Khomeini, a religious leader, in charge of what type of government in Iran?
Theocracy
Which of the following countries is an example of an Absolute Monarchy?
Saudi Arabia
How could the people of a Communist government gain democratic freedom?
Protest Petition for a constitution Start a revolution
What is the name of the theory that explains how Communism spread throughout Asia?
The Domino Theory
What type of government is most likely to enforce a command economic system?
Communist
A high demand for a product is likely to make its price do what?
Increase
What are non-physical products that are of value to people and society?
Services
What are possible events that could affect the price of gas?
Natural Disaster War Seasons of the Year
Most of the top oil producing countries in the world are located in which region?
Middle East
What word describes why gas prices may be a better deal in 2015 than in 1950?
Inflation
A low demand for a product is likely to make its price do what?
Decrease
What is a constitution?
A set of laws created to protect the citizens of a country
What is the term given for an increase in the value of goods or services over a period of time?
Inflation
What is the term given for the availability of an item?
Supply
What are items of value that can be seen or touched?
Goods
What is the term given for the desire to have an item of value?
Demand
What is the term for a share of ownership in a business?
Stock
What is the term for the knowledge and skills that make a person succeed in an economy?
Human Capital
I want to start a business and I don’t have enough money. I must find someone who is willing to invest the ____________________ I desperately need.
Capital
To make money on loans, a bank must charge____________________ to the consumer is borrowing the money.
Interest
After borrowing money for a home, car, and continuous use of my Menards credit card, I have accumulated _____________________.
Debt