government and economics. in a traditional economy, how are economic decisions made?
TRANSCRIPT
Government and
Economics
In a traditional economy, how are economic decisions
made?
Customs, Traditions, and Culture
In a command economy, how are
the decisions made?
Government Planners
In a market economy, who
makes the economic decisions?
Consumers and the Market
Who takes on the financial risk in starting a new business in a market
economy?
The Individual Business People starting the
Business
The early African kingdom of Ghana’s gold and salt
trade would be an example of what type of economic
practice?
Traditional Economic System
What country currently would be the best
example of a command economy?
North KoreaCuba
Which type of a government controls all aspects of life for
its people?
Communist
Because China is moving from an economy controlled entirely by the government to a more consumer oriented economy, it’s economic system can best
be described as?
Mixed Economic System
Which economic system has the least
government control?
Market
To increase my human capital, what should I do?
a. Buy a new carb. Take a vacation to Florida
c. Clone myselfd. Go to college
d. Go to College
What type of government is led by a
king or queen?
Monarchy
A satellite map of the Korean peninsula at night shows a
difference in the ___________________ between
North Korea and South Korea.
Standard of
Living
What is the difference between an Absolute
Monarchy and a Constitutional Monarchy?
A Constitutional Monarchy protects the
rights of its citizens
What is a set of laws that protect the citizens of a
country?
Constitution
In a Democratic Republic, the power is in the hands of who?
The People
A type of government led by a religious leader is called a
____________________.
Theocracy
Which country is considered a modern
day example of an oligarchy?
Russia
A historical example of a theocracy would be
which ancient civilization?
Ancient Egypt
Which type of government are you most likely to find a dictator in charge?
Communist
The Iran Hostage Crisis was led by a group of Iranian students following the
orders of Ayatollah Khomeini, a religious
leader, in charge of what type of government in Iran?
Theocracy
Which of the following countries is an example of an
Absolute Monarchy?
Saudi Arabia
How could the people of a Communist
government gain democratic freedom?
• Protest• Petition for a
constitution• Start a revolution
What is the name of the theory that explains how
Communism spread throughout Asia?
The DominoTheory
What type of government is most likely to enforce a
command economic system?
Communist
A high demand for a product is likely to make its price do
what?
Increase
What are non-physical products that are of value to people and
society?
Services
What are possible events that could affect the price of
gas?
Natural DisasterWar
Seasons of the Year
Most of the top oil producing countries in
the world are located in which region?
MiddleEast
What word describes why gas prices may be a better deal in 2015 than
in 1950?
Inflation
A low demand for a product is likely to
make its price do what?
Decrease
What is a constitution?
A set of laws created to protect the citizens of a
country
What is the term given for an increase in the
value of goods or services over a period of
time?
Inflation
What is the term given for the availability of
an item?
Supply
What are items of value that can be seen or
touched?
Goods
What is the term given for the desire to have
an item of value?
Demand
What is the term for a share of ownership in a
business?
Stock
What is the term for the knowledge and skills that make a person succeed
in an economy?
Human Capital
I want to start a business and I don’t have enough
money. I must find someone who is willing to invest the
____________________ I desperately need.
Capital
To make money on loans, a bank must
charge____________________ to the consumer is
borrowing the money.
Interest
After borrowing money for a home, car, and continuous use of my Menards credit card, I
have accumulated _____________________.
Debt