Intro to economics
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| 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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| What is a command economy? | show 🗑
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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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| What is a market economy? | show 🗑
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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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| What is democracy? | show 🗑
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| show | A form of government in which one leader has absolute control over citizens' lives
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| What is capitalism? | show 🗑
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| What is communism? | show 🗑
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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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| What is a mixed economy? | show 🗑
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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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| What are some common problems associated with market economies? | show 🗑
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| What is a common problem of traditional economies? | show 🗑
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| What are the four factors of production? | show 🗑
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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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| What category of natural resources would coal and oil fall under? | show 🗑
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| show | inexhaustible
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| What category of natural resources would lumber fall under? | show 🗑
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| show | an economic measure used to assess the health of an economy
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| True or false: a high GDP means that the economy is healthy | show 🗑
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| show | the total value of a nation's goods and services divided based on population
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| What are signs of a healthy economy? | show 🗑
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| show | Decreasing GDP, high unemployment,
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| show | an increase in the price of goods and services over time
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| show | a decrease in the price of goods and services over time
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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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| What are the four levels of economic development? | show 🗑
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| What industries are considered primary? | show 🗑
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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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| What industries are considered tertiary? | show 🗑
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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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| show | What someone sacrifices when they chose one option over another option
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| show | WHAT is produced, HOW is it produced, and WHO gets it.
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Created by:
chris22h
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