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Intro to economics

QuestionAnswer
What is representative democracy? citizens elect leaders who will then represent their interests in governing the nation.
What is direct democracy? Citizens are directly involved in the governing process by voting on legislation themselves
What is a monarchy? Form of government characterized by having a king or queen in charge of government.
What is a command economy? An economic system in which the government owns the resources and determines who, what and how goods and services are produced
What is a traditional economy? An economic system largely shaped by tradition and customs. Who, what and how goods and services are produced is based on customs and religion
What is a market economy? An economic system in which the production of goods and services is determined by private businesses and the demand of consumers. Little or no government involvement in economic decisions
What is Gross Domestic Product (GDP)? The total value of all goods and services produced within a nation's boundaries in a specified period of time
What is Gross National Product (GNP)? The total value of all goods and services produced by a nation's businesses and industries over a specified period of time
What is economics? It is the study of how people chose to use scarce resources to satisfy their wants and needs. It deals with the distribution of goods and services in society
What is anarchy? Characterized by the absence of government control. Sometimes used to describe mob rule.
What is a theocracy? A government that recognizes God or a divine being as the ultimate authority
What is an oligarchy? Form of government in which a small group of people rule
What is democracy? A form of government in which the people rule and hold political power
What is a dictatorship? A form of government in which one leader has absolute control over citizens' lives
What is capitalism? it is an economic and political system in which business is owned by private individuals who seek to earn a profit
What is communism? it is an economic and political philosophy in which government planners make all economic decisions. Historically it has always resulted in a totalitarian government
What is Socialism? It is a system in which the government owns and controls the key industries while the rest are privately owned.
What form of government is most often associated with capitalism? democracy
What economic/political system tends to provide more social services socialism
What is a mixed economy? Economic system that features both private control of the production of goods and services and government intervention, usually in the form of regulation
What are some common problems associated with command economies? Consumers are given low priority, resources are used inefficiently, and there is little incentive to work hard
What are some common problems associated with market economies? businesses can exploit workers, it doesn't provide a method to take care of those who are unable to support themselves.
What is a common problem of traditional economies? They have trouble adapting to change
What are the four factors of production? Land, Labor, Capital, and Entrepreneurship
What is microeconomics? branch of economics that examines individual elements of an economy such as prices, profits, or competition
What is macroeconomics branch of economic study that examines factors that impact the economy as a whole.
What are the three categories of natural resources? Renewable, non-renewable, and inexhaustible
What category of natural resources would coal and oil fall under? non-renewable
What category of natural resources would wind and sunlight fall under? inexhaustible
What category of natural resources would lumber fall under? renewable
What is the purpose of GDP? an economic measure used to assess the health of an economy
True or false: a high GDP means that the economy is healthy false - GDP must be compared to previous years GDPs in order to be useful.
What is per-capita GDP? the total value of a nation's goods and services divided based on population
What are signs of a healthy economy? Rising GDP, low unemployment, rising incomes, and increasing business profit
What are signs of an unhealthy economy? Decreasing GDP, high unemployment,
What is inflation? an increase in the price of goods and services over time
What is deflation? a decrease in the price of goods and services over time
What is a recession? occurs when an economy's GDP decreases over a period of six months or more
What is a depression? a severe recession
What are the four levels of economic development? Primary, secondary, tertiary, and quaternary
What industries are considered primary? Industries related to gathering natural resources such as mining, farming and forestry
What industries are considered secondary? industries related to manufacturing and processing, such as auto manufacturing, a steel mill, or a company that makes clothing
What industries are considered tertiary? these are service industries that include sales people, managers, teachers and lawyers, and airline pilots
What industries are considered quaternary? these are intellectual and information based industries that might include a scientific lab that studies farming problems or a lab that is looking for an cure for the zika virus.
Created by: chris22h