States BusinessesDemocracies Supply And Demand Economic Systems

Question What makes a state?

Answer 1.People 2. Territory 3.Sovereignty 4. Government

Question Is Quakertown a state?

Answer No because we are not sovereign

Question What is Sovereignty?

Answer It is the supreme and absolute power within its own territory

Question Who founded Sealand?

Answer Roy Bates

Question Is Pennsylvania a state?

Answer No because it doesn’t have the highest power. (sovereignty) The U.S is the highest.

Question What is the definition of opportunity cost?

Answer What must be given up in order to have something else.

Question Which business organization is owned by only one person? Name one advantage and one disadvantage.

Answer Sole Proprietorship Advantage- make own hours Disadvantage- can’t call in sick

Question Name an example of a Partnership

Answer Law firm or doctors office

Question What type of business is a stock?

Answer Corporation

Question Disadvantage of a corporation?

Answer Changes are hard to make

question How many types of Democracies are there?

answer four

question What are two examples of an Indirect Democracy?

answer United States and Canada

question What is Presidential Democracy?

answer The people elect the legislative branch and executive branch.

question What are the four Democracies?

answer Direct Democracy, Indirect Democracy, Parlimentary Democracy

question Which democracy was Invented by the United Sates?

answer Presidential Democracy

question What is Supply and Demand?

answer A buyers willingness to buy and sell goods at different prices

question What does Equilibrium have to do with supply and demand?

answer Its where supply and demand intersect

question What happens to supply when demand goes down?

answer The supply goes down

question What is Quantity?

answer The amount of an item

question How do the Price and the Quantity effect eachother?

answer If there’s not a lot of something then the price will go up

question What is a nickname for Command Economy?

answer Socialism or Communism

question Name the Three types of Economic systems

answer Traditional, Capitalism, and Command

question What is the Laissez-Faire Theory?

answer The Government should be hands off the economy

question True or False High Taxes pay for most state programs?

answer True

question What are the four fundamental Factors of Capitalism?

answer Private Ownership, Individual incentive, Profit, and Competition