Economics Flashcards

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1
Q

unitary system

A

gives all key power to the national government

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2
Q

federal system

A

divides power between national and state government

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3
Q

autocracy

A

rule by one person

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4
Q

what is the oldest and most common form of government

A

autocracy

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5
Q

totalitarian dictator

A

controls every aspect of life

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6
Q

example of totalitarian dictator

A

kim jong un (North Korea)

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7
Q

absolute monarchy

A

are ruled by a few people

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8
Q

communist country

A

China

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9
Q

Democracy

A

ruled by the people

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10
Q

what Greek words mean people rule

A

Demos Kratin

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11
Q

Demos Katin means

A

the people rule

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12
Q

direct democracy

A

nonexistent basically// The people decide on every thing literally

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13
Q

representative democracy (what we are)

A

we elect people with unlimited terms to represent us

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14
Q

Economic Systems

A
  1. ) what and how many goods and services should be produced
  2. ) How they should be produced
  3. ) who gets the goods and services produced
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15
Q

traditional economys

A

Habits and Customs determine the rule of economics, not customer preferences

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16
Q

mixed economics

A

where the government supports and regulates free enterprise

17
Q

what is the goal of mixed economics

A

to keep competition fair and have free entry

18
Q

command economy

A

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

19
Q

3 main goals of Socialism and communism

A
  1. ) equal distribution of wealth and economic opportunity.
  2. ) society’s control, through the government of all major decisions about production
  3. ) public ownership of most land, factories, and other means of prouction
20
Q

communism

A

if a government controls all aspects of a market, then consumers will not be innovative or produce products customers will not buy

21
Q

what is happening on China’s economics right now

A

choices and economics will stagnate

22
Q

governments add what on imported goods

A

taxes

23
Q

they place —— banning goods from other countries as punishment

A

embargoes

24
Q

add ———– on how many goods can be imported

A

quotas

25
Q

US, Mexico and Canada have what

A

North America Free Trade Agreement (NAFTA)

26
Q

European Uniuon

A

many European countries in this and share the same currency, the Euro.

27
Q

how many independent countries?

A

200