1. Government and Economics

2. In a traditional economy, how are economic decisions made?

3. Customs, Traditions, and Culture

4. In a command economy, how are the decisions made?

5. Government Planners

6. In a market economy, who makes the economic decisions?

7. Consumers and the Market

8. Who takes on the financial risk in starting a new business in a market economy?

9. The Individual Business People starting the Business

10. The early African kingdom of Ghana’s gold and salt trade would be an example of what type of economic practice?

11. Traditional Economic System

12. What country currently would be the best example of a command economy?

13. North Korea Cuba

14. Which type of a government controls all aspects of life for its people?

15. Communist

16. 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?

17. Mixed Economic System

18. Which economic system has the least government control?

19. Market

20. 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

21. d. Go to College

22. What type of government is led by a king or queen?

23. Monarchy

24. A satellite map of the Korean peninsula at night shows a difference in the ___________________ between North Korea and South Korea.

25. Standard of Living

26. What is the difference between an Absolute Monarchy and a Constitutional Monarchy?

27. A Constitutional Monarchy protects the rights of its citizens

28. What is a set of laws that protect the citizens of a country?

29. Constitution

30. In a Democratic Republic, the power is in the hands of who?

31. The People

32. A type of government led by a religious leader is called a ____________________.

33. Theocracy

34. Which country is considered a modern day example of an oligarchy?

35. Russia

36. A historical example of a theocracy would be which ancient civilization?

37. Ancient Egypt

38. Which type of government are you most likely to find a dictator in charge?

39. Communist

40. 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?

41. Theocracy

42. Which of the following countries is an example of an Absolute Monarchy?

43. Saudi Arabia

44. How could the people of a Communist government gain democratic freedom?

45. Protest Petition for a constitution Start a revolution

46. What is the name of the theory that explains how Communism spread throughout Asia?

47. The Domino Theory

48. What type of government is most likely to enforce a command economic system?

49. Communist

50. A high demand for a product is likely to make its price do what?

51. Increase

52. What are non-physical products that are of value to people and society?

53. Services

54. What are possible events that could affect the price of gas?

55. Natural Disaster War Seasons of the Year

56. Most of the top oil producing countries in the world are located in which region?

57. Middle East

58. What word describes why gas prices may be a better deal in 2015 than in 1950?

59. Inflation

60. A low demand for a product is likely to make its price do what?

61. Decrease

62. What is a constitution?

63. A set of laws created to protect the citizens of a country

64. What is the term given for an increase in the value of goods or services over a period of time?

65. Inflation

66. What is the term given for the availability of an item?

67. Supply

68. What are items of value that can be seen or touched?

69. Goods

70. What is the term given for the desire to have an item of value?

71. Demand

72. What is the term for a share of ownership in a business?

73. Stock

74. What is the term for the knowledge and skills that make a person succeed in an economy?

75. Human Capital

76. 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.

77. Capital

78. To make money on loans, a bank must charge____________________ to the consumer is borrowing the money.

79. Interest

80. After borrowing money for a home, car, and continuous use of my Menards credit card, I have accumulated _____________________.

81. Debt