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S.&E. Asia Eco./Gov.

Asia Econ/Gov. Review for Test

TermDefinition
In an autocracy, how is the leader determined? Wealth, social position, or military strength
How is the leader decided in a democracy? The people vote
Why do people have more power in a democracy than in an autocracy, or an oligarchy? The voters get to choose the people who make their laws
Who makes the important governmental decisions in an autocracy? The ruler
In an oligarchy, who makes the important decisions? A small group of powerful leaders
Who holds most of the power in a Confederation system? Local (Regional) governments
What is the leader of a Parliamentary democracy usually called? Prime Minister
Who holds most of the power in a Federal government system? Local and Central share control
What is the leader of a Presidential democracy usually called? President
Who holds most of the power in a Unitary government? Central government
What do you call a tax on imported goods? Tariff
What are the three types of economic systems? Traditional, Market, Command
What is it called when a country refuses to trade with another? Embargo
Which market system has a high degree of uncertainty? Market System
What three basic questions must all economic systems answer? What, how, and for whom to produce
All Economic systems are: MIXED
In which economic system does the government make all the decisions? Command
Buying or using up goods or services is called Consumption
Who makes the economic decisions in a Market Economy? The consumers (supply/demand)
There is a high degree of customer satisfaction in a Market economy because there are Many Choices
Created by: fosterjodi
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