Intro to economics
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| What is representative democracy? | citizens elect leaders who will then represent their interests in governing the nation.
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| What is direct democracy? | Citizens are directly involved in the governing process by voting on legislation themselves
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| What is a monarchy? | Form of government characterized by having a king or queen in charge of government.
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| What is a command economy? | 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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| What is a traditional economy? | 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? | 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)? | The total value of all goods and services produced within a nation's boundaries in a specified period of time
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| What is Gross National Product (GNP)? | 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? | It is the study of how people chose to use scarce resources to satisfy their wants and needs. It deals with the distribution of goods and services in society
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| What is anarchy? | Characterized by the absence of government control. Sometimes used to describe mob rule.
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| What is a theocracy? | A government that recognizes God or a divine being as the ultimate authority
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| What is an oligarchy? | Form of government in which a small group of people rule
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| What is democracy? | A form of government in which the people rule and hold political power
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| What is a dictatorship? | A form of government in which one leader has absolute control over citizens' lives
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| What is capitalism? | 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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| What is communism? | 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? | It is a system in which the government owns and controls the key industries while the rest are privately owned.
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| What form of government is most often associated with capitalism? | democracy
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| What economic/political system tends to provide more social services | socialism
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| What is a mixed economy? | 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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| What are some common problems associated with command economies? | 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? | 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? | They have trouble adapting to change
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| What are the four factors of production? | Land, Labor, Capital, and Entrepreneurship
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| What is microeconomics? | branch of economics that examines individual elements of an economy such as prices, profits, or competition
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| What is macroeconomics | branch of economic study that examines factors that impact the economy as a whole.
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| What are the three categories of natural resources? | Renewable, non-renewable, and inexhaustible
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| What category of natural resources would coal and oil fall under? | non-renewable
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| What category of natural resources would wind and sunlight fall under? | inexhaustible
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| What category of natural resources would lumber fall under? | renewable
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| What is the purpose of GDP? | 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 | false - GDP must be compared to previous years GDPs in order to be useful.
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| What is per-capita GDP? | 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? | Rising GDP, low unemployment, rising incomes, and increasing business profit
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| What are signs of an unhealthy economy? | Decreasing GDP, high unemployment,
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| What is inflation? | an increase in the price of goods and services over time
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| What is deflation? | a decrease in the price of goods and services over time
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| What is a recession? | occurs when an economy's GDP decreases over a period of six months or more
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| What is a depression? | a severe recession
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| What are the four levels of economic development? | Primary, secondary, tertiary, and quaternary
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| What industries are considered primary? | Industries related to gathering natural resources such as mining, farming and forestry
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| What industries are considered secondary? | 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? | these are service industries that include sales people, managers, teachers and lawyers, and airline pilots
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| What industries are considered quaternary? | 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? | Not enough resources to satisfy all human needs and wants
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| What is opportunity cost? | What someone sacrifices when they chose one option over another option
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| What questions must evey economic system answer? | WHAT is produced, HOW is it produced, and WHO gets it.
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chris22h
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