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| each country is equal; countries can make their own laws |
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| the number of people that live in a specific are |
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| the physical space/land owned by a country |
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| type of autocracy; king/queen- inherited power |
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| type of autocracy; one person in control; typically took power by force (North Korea) |
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| a small group of people are collectively in control (China) |
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| citizens vote directly on the laws themselves (ancient Greece) |
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| citizens elect representatives to run the government for them (USA) |
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| no government- chaos; often happens during transition time as a country is switching from one type of government to another |
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| government system where laws align with the religious teachings (Iran and Saudia Arabia) |
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| 1) make laws 2)protect the state (military) 3) keep order (police) 4) help citizens |
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| a system for deciding how to use scarce resources for meeting the needs/wants of citizens |
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| something you must have to survive, such as food, shelter, and clothing |
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| an item that we desire but that is not essential to survival |
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| factors of production (items needed to start a business) |
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| 1) land (all natural resources), 2) labor (human workers), 3) capital (equipment, tools, technology, money) |
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| the reward for running a successful business; your costs of running the company were less than the money you received from customers |
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| it is the value of the thing you did NOT select when given a choice relating to a scarce resources (lunch $: buy pizza or burger) |
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| 3 Basic Econ Questions (every country must answer these) |
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| 1) What do we need/want? 2) How will we make it? 3) Who will receive it? (highest bidder, oldest, shared equally) |
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| These societies answer the 3 basic questions the same way their ancestors did (passed down through generations) |
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| The 3 basic questions are determined by the government. There is no freedom for the buyers/sellers. Price is also set by the government. (North Korea) |
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| The 3 basic questions are determined freely by the buyers and sellers; NO government intervention (Singapore) |
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| A blend of command and market. Some government control over resources, but buyers/sellers do have some freedoms too. (most countries use it) |
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| the term used for command economies |
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| the term used for market economies; price is set by supply/demand (buyers & sellers) |
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| used in many countries in Europe; more government involvement in the economy than the USA, but some freedoms for the people |
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| A limit placed on the quantities of a product that can be imported |
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| not allowing a country to trade with another; usually how countries show they are upset with each other (USA embargo on Cuba and Iran) |
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| the French term for no government involvement in the economy |
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| trade between countries without government restrictions |
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| trade between countries that emphasizes protecting the environment and workers rights |
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