Prep for Unit 1 Test

Having supreme power or authority to rule over oneself is:

A Unitary government is a system of political organization where the central government holds supreme authority.

When you buy something, you give up the opportunity to buy something else/later. This is the definition of:

In a Free Market Economy, what will be produced is determined by consumer's preferences.

Type of government where only small numbers of citizens take part in directly deciding on policy initiatives and laws.

A recession is a really bad depression.

Competition is key in this type of economic system:

Type of government where a small, selected few born into an elite group control, through force, the people.

A confederate government is:

A central government makes all economic decisions in this economic system

Federalism is:

Important activities of citizens in this type of government include voting, freedom of speech, religion and press.

The four types of economic resources are:

Type of government where a person rules his citizens through fear, tyranny and force.

The Law of Demand explains that as the demand of an item goes down, the price goes up.

Type of economy where decisions are made by both businesses AND government.

Types of economic system decisions are based on the way they’ve always done it...rare (Amish)

The Law of Supply states that as the supply goes down, the price goes down.

This type of government includes a crowned ruler who has absolute power, passed down, and uses force to control citizens

Inflation is the rise of prices over time.