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Gov. and Ec. notes

Question/TermAnswer/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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