Term
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Definition
| a form of government in which power is held by one central authority. |
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Definition
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A political system in which the central government is relatively weak and member states retain considerable sovereignty.
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Definition
| A form of government in which the powers are divided between a central government and several local governments |
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Definition
| government by one person having unlimited power. |
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Term
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Definition
| a system of government in which a small group holds power |
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Term
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Definition
| a political system in which the supreme power lies in a body of citizens who can elect people to represent them |
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Term
| What are the government and economy systems of the UK? |
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Definition
govt--Parliamentary Democracy + Constitutional Monarchy
econ--Mixed (79 on continuum) |
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Term
| What are the government and economy systems of Germany? |
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Definition
govt--Federal Republic
econ--Mixed (71 on continuum) |
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Term
| What are the government and economy systems of Russia? |
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Definition
govt--Federation
econ--Mixed (51 on continuum) |
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Term
| Why did so many countries adopt the euro? |
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Definition
| There are so many countries in Europe located so closely together that it makes it a lot easier to trade with the same money. |
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Term
| What are two reasons for the existence of the European Union? |
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Definition
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Term
| What are the three basic questions that all economic systems have to answer? |
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Definition
(1)What goods and services will be produced?
(2)How will the goods and services be produced?
(3)Who will get the goods and services? |
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Term
| What is a traditional economy? |
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Definition
| An economy where the product is shared by the whole community, based on customs, and typically produced by hunting |
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Term
| What is a pure free market economy? |
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Definition
| An economy where individuals make decisions regarding the economy |
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Term
| What is a pure command economy? |
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Definition
| An economy where the government makes decisions regarding the economy |
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Term
| What type of economic system do most European countries have? |
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Definition
| Mixed economy, more on the market side |
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Term
Give an example of a country today with a mostly command economy |
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Definition
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Term
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Definition
| Gross Domestic Product...the total amount of goods and services produced in a country in a year |
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Term
| List 3 things that affect a country's GDP |
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Definition
| Human capital, capital goods, natural resources, entrepreneurs |
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Term
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Definition
| The value that people bring to the marketplace; human labor |
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Term
Name 2 things that influence human capital |
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Definition
| education/training, health of employees |
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Term
| Give 2 examples of capital goods |
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Definition
| machines like ovens, sewing machines, computers, etc... |
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Term
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Definition
| a person who is willing to take a risk to create a business to sell a new technique, idea, or product |
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Term
| Explain the connection between natural resources and country's wealth |
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Definition
| Many natural resources usually means more wealth, especially if a country has a lot of petroleum (oil) |
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Term
| Give one example of a trade barrier in Europe |
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Definition
| Tariffs, Embargo, Quota, the Alps for Switzerland, some countries don't use the Euro, some countries may be landlocked |
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Term
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Definition
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Term
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Definition
| A ban on trade with a country for political reasons |
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Term
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Definition
| A limit on the amount of a specific good that is imported |
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Term
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Definition
| the rate at which currency in another country can be exchanged for local currency |
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Term
| What is one reason why it is more expensive to have exchange currencies from one country to another country? |
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Definition
| Banks charge a currency exchange fee |
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Term
| If Scandanavia has a high literacy rate, what does that mean about its development? |
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Definition
| Higher standard of living; well developed |
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