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Intro to economics

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Answer
show citizens elect leaders who will then represent their interests in governing the nation.  
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show Citizens are directly involved in the governing process by voting on legislation themselves  
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show Form of government characterized by having a king or queen in charge of government.  
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show An economic system in which the government owns the resources and determines who, what and how goods and services are produced  
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show An economic system largely shaped by tradition and customs. Who, what and how goods and services are produced is based on customs and religion  
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show 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  
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What is Gross Domestic Product (GDP)?   show
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show The total value of all goods and services produced by a nation's businesses and industries over a specified period of time  
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What is economics?   show
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show Characterized by the absence of government control. Sometimes used to describe mob rule.  
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What is a theocracy?   show
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What is an oligarchy?   show
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show A form of government in which the people rule and hold political power  
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show A form of government in which one leader has absolute control over citizens' lives  
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show it is an economic and political system in which business is owned by private individuals who seek to earn a profit  
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show it is an economic and political philosophy in which government planners make all economic decisions. Historically it has always resulted in a totalitarian government  
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What is Socialism?   show
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show democracy  
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What economic/political system tends to provide more social services   show
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show Economic system that features both private control of the production of goods and services and government intervention, usually in the form of regulation  
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show Consumers are given low priority, resources are used inefficiently, and there is little incentive to work hard  
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show businesses can exploit workers, it doesn't provide a method to take care of those who are unable to support themselves.  
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What is a common problem of traditional economies?   show
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show Land, Labor, Capital, and Entrepreneurship  
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What is microeconomics?   show
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What is macroeconomics   show
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show Renewable, non-renewable, and inexhaustible  
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show non-renewable  
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What category of natural resources would wind and sunlight fall under?   show
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show renewable  
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What is the purpose of GDP?   show
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show false - GDP must be compared to previous years GDPs in order to be useful.  
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What is per-capita GDP?   show
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show Rising GDP, low unemployment, rising incomes, and increasing business profit  
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What are signs of an unhealthy economy?   show
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show an increase in the price of goods and services over time  
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What is deflation?   show
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show occurs when an economy's GDP decreases over a period of six months or more  
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show a severe recession  
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show Primary, secondary, tertiary, and quaternary  
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show Industries related to gathering natural resources such as mining, farming and forestry  
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show industries related to manufacturing and processing, such as auto manufacturing, a steel mill, or a company that makes clothing  
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show these are service industries that include sales people, managers, teachers and lawyers, and airline pilots  
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show 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.  
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What is scarcity?   show
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What is opportunity cost?   show
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show WHAT is produced, HOW is it produced, and WHO gets it.  
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