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Gov. and Ec. notes
| Question/Term | Answer/Definition |
|---|---|
| Market | Supply and Demand (Hong Kong) |
| Command | The individual has little, in any, influence over how things work (North Korea) |
| Traditional | Were tradition and custom govern economic decisions (Amish) |
| Mixed | Individuals carry on their economic affairs freely, but are subject to some government intervention (Sweden) |
| Democracy | The government elects the people and everyone who is eligible to vote has a their say over who runs the country |
| Difference between direct and representative democracy | Direct: All citizens have a chance to participate Representative: Citizens elect leaders to write and mange laws for the country. Leaders are responsible for representing the will of the people. They are bound by the constitution |
| Autacracy | Government with a single person having unlimited power |
| Oligarcy | a government in which a few people such a dominant clan or clique have power |
| Monarchy | A king, queen, emperor, or empresses in the ruling position and there power gets passed down to their heirs. |
| Difference between a traditional and a constitutional monarchy | A traditional monarchy has one leader with all the power but a constitutional monarchy has leader with controlled power |
| Dictatorship | Ruled by a single leader. Army is in control.They can use force to keep control |
| Anarchy | No government Government has been destroyed and rival groups want to take its place |
| Communist government | Government owns property such as business, farms, homes, and buildings Citizens do not elect their leaders. Education, welfare, and health care is provided by the government |
| Capitalist government | Not a government, it is an economic system. Free market country, people can own their own business and property. People can also buy services for private use such as healthcare. They provide their own education, health and welfare services |
| Republic | Is a country that has no monarch The head of the country is usually an elected president |
| Revolutionary government | Is overthrown by force, the new ruling group is sometimes called a revolutionary government |
| Totalitarian government | One political party. People are forced to do what the government tells them and they may also be prevented from leaving the country. |
| Economic system | A nation's way of producing things its country wants or needs |
| Gross Domestic Product (GDP) | A total dollar value of all final goods and services produced in a country in a single year. |
| Per capita GDP | The total GDP divided by the country’s population |
| Traditional economy | Were tradition and custom govern economic decisions. Choices are determined by environment, farming, hunting, gathering, typically little or no use of advantaged technology |
| How people survive in a traditional economy | Economic decisions and activities are usually centered around the family, tribe, or ethnic group |
| Advantages of a traditional economy | There is little to no uncertainty Everyone knows what role to play Life is generally stable, predictable, and continuous |
| Disadvantages to a traditional economy | Discourages ideas and new ways of thought Lack of progress lowers standard of living |
| Examples of a traditional economy | Developing African Nations (Malawi, Ivory Coast) Amish Eskimo |
| Pure Market Economy | The decisions are made in free markets based on the interactions of supply and demand |
| A pue market is also know as | Capitalism, Free Enterprise, and Open Market systems |
| How is government involved in a market economy | Little to no government control/influence Adam Smith is the father of this thinking Protects consumers freedoms Try to ensure markets stay competitive Occasionally punish businesses that break |
| Advantages of a market economy | Adjusts to change based on consumer wants High degree of individual freedom Low levels of government interference |
| Disadvantages of a market economy | High degree of uncertainty people lose jobs Poverty: only those with money can participate Greed based system puts profit before people |
| Command Economy | The individual has little, if any, influence over how things work |
| How is government involved in a command economy | The government tells producers what to do(“commands” them) Most factors of production are owned by government, not private citizens |
| Socailism | The belief that means of production should be owned by the society to distribute wealth more evenly |
| Communism | All economic and society activity is controlled by a totalitarian state dominated by a single social party |
| Name two Command Economies | Cuba and North Korea |
| advantages of command economies | The government has total control over production and its factors, these economies can change rapidly. Whatever is needed most will be produced. There is no uncertainty (people are told when and how to work) Free education, healthcare, and other public |
| disadvantages of command economies | No incentive to work hard (people don’t often lose their jobs, so they do the bare minimum to get by) Large bureaucracy means slow decision making, raises cost of production, lacks flexibility No reward for initiative which slows progress |
| Mixed economy | individuals carry on their economic affairs freely, but are subject to some government intervention |
| How is government involved in a mixed economy | Government agencies provide some guidance, oversight and regulation of variou aspects of the economy |
| Examples of how the government is involved with a mixed economy | Water/utilities management and safety, airline regulation, postal service as a business |
| Describe three countries that have a mixed economy | France: government controls some industries; provide social services Sweden: state owns part of all companies; lifelong benefits, high taxes Namibia: Traditional; state supports market, foreign investment |
Created by:
amanda2004
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