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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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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