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FINAL EXAM SEM 1 REV

Review for the 1st semester

QuestionAnswer
What are 3 economic questions asked when studying similarities of different economic systems? What to produce? How to produce? and for Whom to produce?
What is a traditional economy? An undeveloped economy in which customs and habits from the past determine how decisions will be made; may be found in rural areas with high levels of subsistence farming and rely on barter rather than currency
What is a market economy? Inividuals make the economic decisions in a market economy (also known as free enterprise, capitalism)
What is a command economy? The government makes all economic decisions in a command economy
What is a mixed economy? A mixed economy is a combination of privately-owned industries and government controlled industries.
Mr. Kelly decided to open up a shop on the beach and sell sea shells. Mr. Kelly is considered a(n) ___________________ entrepreneur
What are some examples of natural trade barriers? mountains, rivers, oceans
What is a person called that takes a risk to start a business? entrepreneur
What are capital goods? new factories, tools -- anything needed to make a product.
What is human capital? the training and education of people in hopes of increasing the GDP and Standard of Living.
What did the U.S. and Canada join together to build in order to create a trade route from the Great Lakes to the Atlantic Ocean? The St. Lawrence Seaway
Where do Canadians live and why? Canadians live in the southern region of Canada within 100 miles of the US border. There are several factors. Some include climate, natural features, job availability and access to natural resources.
The people in Quebec are mainly what ethnic group? French
The national leader of Canada is called a ___ _______ prime minister
What is an autocracy? Rule by one -- dictator, king (absolute monarch)
The US is called a democratic republic. What does the word republic mean? A republic is when citizens vote for representatives to voice the people's opinions
What is the United Kingdom's environmental issue? How is the UK trying to improve this? AIR POLLUTION from emissions from factories, cars. The government has made stricter emissions standards for vehicles, encourage the use of cleaner fuels, promote use of public transportation LIKE BUSES
What is Germany's environmental issue? What are some causes and effects of this? ACID RAIN; causes the UK's air pollution (wind patterns carry it), burning coal to produce electricity. EFFECTS = 1/2 of the Black Forest has been damaged or killed, pollutes rivers and lakes, eats away at buildings.
What is Chernobyl, Ukraine's environmental issue? What are the environmental effects of this? Nuclear Disaster. Environmental effects = contamination of farmland, water pollution, causes cancer. DID YOU KNOW: Chernobyl released 100 times more radiation than the 2 atomic bombs released over Japan near the end of WWII!
What are 3 language groups found in Europe? Germanic, Romance, Slavic
What languages are found in the Germanic language group? German and English
What languages are found in the Romance language group? French, Spanish, Italian, Portuguese
What languages are found in the Slavic language group? Russian, Ukranian
What are the 3 major religions found in Europe? Judaism, Christianity, Islam
Which religion is the dominate religion in Europe? Christianity
Which religion is fewer in number because of the Holocaust? Judaism
Which religion is the fastest growing religion in Europe? Islam
What are the worshipers for each faith called? Judaism, Christianity, Islam? Jews, Christians, Muslims
What is the holy book for each? Judaism, Christianity, Islam Judaism - Torah, Christians - Bible, Islam - Koran (spelled 2 different ways)
What is the Equator? zero degrees latitude
What is the Prime Meridian? zero degrees longitude
The Equator measures which hemispheres? Northern and Southern
The Prime Meridian measures which hemispheres? Western and Eastern
Latitude measures up to how many degrees? 90 degrees
Longitude measures up to how many degrees? 180 degrees
When measuring latitude and longitude, which one should be pinpointed first? LATITUDE -- always find the northern or southern coordinate FIRST
What kind of government does the United Kingdom have? parliamentary democracy
What kind of government does the Germany have? parliamentary democracy
What kind of government does the Russia have? presidential democracy
What is the difference between how citizens participate in a presidential democracy versus citizen participation in a parliamentary democracy? In a presidential democracy, the president is elected by the people. In a parliamentary democracy, citizens vote for the member of parliament. Parliament (or legislature) appoints a Prime Minister.
How is the structure of a presidential democracy different than the parliamentary democracy? A presidential democracy has power divided between separate executive and legislative branches. In a parliamentary democracy, the parliament (legislature) holds much of the power.
What are trade barriers? barriers that impede / stop / slow down trading
What is a tariff? a tax on an import
What is a quota? a LIMIT on goods imported into a country
What is an embargo? A ban / block on trade
Why would a country use a tariff instead of a quota? to generate money for the government
Why would a country use a quota? To protect domestic industries (businesses inside the country); drive up the price of foreign goods.
Why would a country use an embargo? To protect the health of the citizens within the country. Example: to protect children from toxic lead paint found in toys.
Why does international trade require a system of exchanging currencies between nations? Each country that has a different currency much exchange their currency in order to make sure that trading is fair. 1 USD (U.S. dollar) is worth 18.75 (MXN) Mexcian Pesos
What is it called when the value of one country's currency is compared to another country's currency? exchange rate
What is the purpose of the EU (European Union)? The EU unites more than 25 European countries to work together so that they are politically and economically more powerful. It also promotes peace.
What type of government must all EU nations have? democracy
What is GDP? Gross domestic product is the total number of goods and services produced within a country within a year.
What is the relationship between investment in human capital and GDP (gross domestic product)? There is a direct correlation. If investment in human capital goes up, the GDP goes up (so does standard of living and life expectancy)
What is the relationship between investment in capital goods and GDP (gross domestic product)? There is a direct correlation. If investment in capital goods goes up, the GDP goes up (so does standard of living and life expectancy)
What happened after WWI? the Treaty of Versailles forced Germany to give up land, pay reparations, limited the size of its army. Germans RESENTED this.
There was a worldwide depression after WWI. Because of this tough time, it lead way for communism. What kind of economies did Communist countries have? Command economies in which the government made all decisions. Citizens had no say!
Why did the Europeans go along with communism? many Europeans were starving, poor, and angry at their leaders. It seemed like the answer to their problems.
Who was the leader of the Nazi Party? Adolf Hitler
Who did Hitler blame for all of Germany's problems? the Jews were Hitler's scapegoat. They did nothing wrong, but Hitler needed some one to blame.
What is anti-Semitism? a pre-existing prejudice against the Jews
What did Hitler use to influence others? propaganda
Which city and country were divided during WWII? Berlin, Germany (East - evil - communist side; West - wise democratic side)
What kind of government and economy did East Berlin/Germany have? communist; command
What kind of government and economy did West Berlin/Germany have? democratic; mixed
AFTER WWII, what occurred afterwards and which countries did it involve? the COLD WAR ( a war of words) between the United States and the Soviet Union
Who were the 2 Superpowers after WWII? The United States and the Soviet Union
What collapsed at the end of WWII? The Berlin Wall (also known as the Iron Curtain) and the COLLAPSE OF THE SOVIET UNION - it became Russia again
What are Canada's Environmental Issues? acid rain, logging (timbering or clear cutting), extraction of minerals
Where is the majority of Canada's mineral wealth? the Canadian Shield: gold, silver, diamonds, iron ore
What kind of economy does Canada have? mixed
What is NAFTA? What is the purpose of NAFTA? Which countries are a part of NAFTA North American Free Trade Agreement. It removes trade barriers between Canada, the United States and Mexico
What is the impact of NAFTA on Canada? NAFTA made it easier for Canada to import essential metals from Mexico and create a trade surplus with the United States
Does Canada have a high GDP? Yes! Canada has a high GDP per capita. Canada has high quality education for citizens, making the country a world leader in producing entrepreneurs.
Why did Quebec want to become independent? to preserve the French culture
Was Quebec successful in becoming independent from the rest of Canada? NO
Created by: ssha13
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