1.  Government  Economics  Geography  History  Culture

2. A government is when the people and/or groups within a society makes the laws, sees that the laws are followed, and it settles disagreements about the laws. Sound familiar?

3.  Some governments are defined by their political structure. Two broad types:  Unlimited- where the rulers do what they want.  Totalitarian  Dictatorship  Limited- Everyone, even the rulers, obey the laws.  Democracy  Republic  Monarchy  Theocracy, Oligarchy, etc.

4.  Some governments are defined by their economy.  Capitalism  Communism  Socialism

5.  What do you have with no government?  Anarchy  Anarchy is a situation where there is no government. This can happen after a civil war in a country, when a government has been destroyed and rival groups are fighting to take its place.

6. There are 3 main types of government that differ in how they distribute power: 1. Unitary Government 2. Federal Government 3. Confederate Government

7.  The constitution gives sole power to the central government  Central government has the power to give or take powers from regional governments.

8.  The constitution splits the power between the central government and regional governments  Certain duties are allocated to each level of government

9.  Constitution gives power to regional governments  Central government is very weak

10.  Rule by a single leader who has not been elected and may use force to keep control. In a military dictatorship, the army is in control. Usually, there is little or no attention to public opinion or individual rights.

11.  Rule by a single political party. People are forced to do what the government tells them and may also be prevented from leaving the country

12.  A form of government where the rulers claim to be ruling on behalf of a set of religious ideas, or as direct agents of a deity.

13.  A monarchy has a king or queen, who sometimes has absolute power. Power is passed along through the family.  Most Monarchies today are known as a Parliamentary Monarchy.

14.  Parliamentary Monarchy- the King or Queen acts as the Head of State but has only the power in the government given to them by the constitution of that country.  In the old days they had all control, like a dictator.

15.  A parliamentary system is led by representatives of the people. Each is chosen as a member of a political party and remains in power as long as his/her party does

16.  A republic is led by representatives of the voters. Each is individually chosen for a set period of time.

17.  A form of government which consists of rule by an elite group who rule in their own interests, especially the accumulation of wealth and privilege. Only certain members of society have a valid voice in the government. This can reflect (but is not limited to) economic interests, a particular religious tradition (theocracy), or familial rule (monarchy).

18.  A republic is led by representatives of the voters. Each is individually chosen for a set period of time.

19.  In a democracy, the government is elected by the people. Everyone who is eligible to vote - which is a majority of the population - has a chance to have their say over who runs the country.

20.  Democracy and Republic are often taken as one of the same thing, but there is a fundamental difference.

21.  While in both cases the government is elected by the people, in Democracy the majority rules according to their whims, while in the Republic the Government rule according to law. This law is framed in the Constitution to limit the power of Government and ensuring some rights and protection to minorities and individuals.

22.  Structure  Who represents us?  President and his Cabinet  US Senate  US House of Representatives  Georgia State Leaders and Representatives

23. Producing pizza Distributing pizza Consuming pizza

24. 1. Scarcity 2. Opportunity Cost

25. Scarcity- unlimited wants of people and only limited resources.

26.  Opportunity Cost – ( trade-off ) satisfying 1 want= giving up opportunity to satisfy other wants. Buy Pizza OR Save for a CD

27. 1. WHAT to produce? 2. HOW to produce it? 3. WHO will get is?

28. NAME OF ECONOMYHOW IT ANSWERS THE 2 BASIC ECON QUESTIONS Traditional Uses tradition/ same job as ancestors Command Government/ Central Leader Free Market Producers/ Consumers

29. Profit- the difference between the producers cost and the selling price Production- the act of making and providing goods/services Bill Gates

30. Goods - any item that people make and use (ex. Toys, food, clothes, cars) Services - things that people do for others (ex. Doctor, teacher) Consumer - people and businesses that use goods/services to satisfy needs and wants Consumption - the act of using goods/services

31.  How are prices determined?

32.  Supply = the amount of goods/services that producers make.  Demand = the amount of goods/services consumers are willing to buy. DemandSupply = Price increase SupplyDeman d = Price decrease

33. 1. Natural Resources- Minerals, water, plants, soil, etc. 2. Human Resources- Talents, skills, knowledge, etc. 3. Capital Resources- machines, tools, etc. 4. Entrepreneurship- owners/managers of businesses bring FOP together.

34.  Interdependent- nations depend on trade with one another for goods/services  Exports- goods sold from US to other countries  Imports- goods from other countries to US.

35. 1. Cannot produce everything they need within their country 2. Some countries have different location, climate, natural resources=produce certain goods at lower cost. 3. Specializing=nations put money, resources, and labor into making the things they are most efficient at producing.

36.  GDP (Gross Domestic Product) – the total value of the goods and services produced in a country during a given time period.  A measure of the size of a country’s economy  “Per capita” = per person  High GDP = more efficient economy (good), usually a higher standard of living for the citizens  When countries invest in their human and capital resources, it helps their GDP

37.  Trade Barrier – any law or practice that a government uses to limit free trade between countries  Initially used to raise money and protect American products from foreign competition

38.  Tariff – a fee charged for goods or services brought into a country  Quota – a limit on the amount of product that may be imported during a given time  Embargo – Restrictions placed on imports or exports of certain goods  Sometimes used by a country to show it does not approve of another country’s policies

39.  Shall we talk about international trade now or later?  Now Now  Later