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 Korea
Cuba
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 car
b. Take a vacation to Florida
c. Clone myself
d. 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
Domino
Theory
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 Disaster
War
Seasons of the Year
Most of the top oil producing
countries in the world are
located in which region?
Middle
East
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