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Intro to economics
| Question | Answer |
|---|---|
| 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. |
| What is scarcity? | Not enough resources to satisfy all human needs and wants |
| What is opportunity cost? | What someone sacrifices when they chose one option over another option |
| What questions must evey economic system answer? | WHAT is produced, HOW is it produced, and WHO gets it. |
Created by:
chris22h
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