Economics Flashcards
unitary system
gives all key power to the national government
federal system
divides power between national and state government
autocracy
rule by one person
what is the oldest and most common form of government
autocracy
totalitarian dictator
controls every aspect of life
example of totalitarian dictator
kim jong un (North Korea)
absolute monarchy
are ruled by a few people
communist country
China
Democracy
ruled by the people
what Greek words mean people rule
Demos Kratin
Demos Katin means
the people rule
direct democracy
nonexistent basically// The people decide on every thing literally
representative democracy (what we are)
we elect people with unlimited terms to represent us
Economic Systems
- ) what and how many goods and services should be produced
- ) How they should be produced
- ) who gets the goods and services produced
traditional economys
Habits and Customs determine the rule of economics, not customer preferences
mixed economics
where the government supports and regulates free enterprise
what is the goal of mixed economics
to keep competition fair and have free entry
command economy
government owns or directs the means of production and controls the distribution of goods; looks good on papers but has been bad on practice so far
3 main goals of Socialism and communism
- ) equal distribution of wealth and economic opportunity.
- ) society’s control, through the government of all major decisions about production
- ) public ownership of most land, factories, and other means of prouction
communism
if a government controls all aspects of a market, then consumers will not be innovative or produce products customers will not buy
what is happening on China’s economics right now
choices and economics will stagnate
governments add what on imported goods
taxes
they place —— banning goods from other countries as punishment
embargoes
add ———– on how many goods can be imported
quotas
US, Mexico and Canada have what
North America Free Trade Agreement (NAFTA)
European Uniuon
many European countries in this and share the same currency, the Euro.
how many independent countries?
200
