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Economics and Government Terms Review Flashcards | StudBud
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Economics and Government Terms Review
Economics and Government Terms Review
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1
What is entrepreneurship?
People who provide services only.
Risk taking business people who start businesses.
French pastry makers.
People who make goods only.
2
Country where the central gov't and local gov'ts each have power over some things.
Confederation
Federal
Unitary
Mars
3
The citizens choose the legislative group and that group chooses the leader of the country.
Parliamentary Democracy
Democracy
Cub
Presidential Democracy
4
No citizens have a say in choosing the government.
Autocracky
Confederation
Autocracy
Federal
5
What is a service?
An intangible(unable to touch) economic item, like a haircut
A glitter pen.
A One Direction CD smashing party.
A pencil.
6
Which of the following is an example of a country investing in
human capital
?
Opening several colleges in Nigeria.
Building hotels for tourists in Kenya.
Opening factories in South Africa.
People making letters while singing the YMCA song.
7
Democracy where the leader is directly elected; forms the gov't by picking gov't workers.
Presidential Democracy
President Democrazy
Presidential Demo
Parliamentary Democracy
8
A CONSUMER is the __________________________
owner of the business selling a good
Buyer and use of a good
Maker / creator of a good
person who transports goods to a store
9
What type of economy is based on the customs of the people?
Monopoly
Market
Command
Traditional
10
Quota is _______________________________
A set amount allowed or expected
A tax on imports or exports to a country
A law about population size in a country
An illness.
11
A tax placed on goods either entering or leaving a country.
Trade
Tariff
Taxation without Representation
Taroff
12
When there is not enough of something for everyone's needs and wants.
Surplus
Excess
Scarcity
Scarity
13
What is a good?
When FSU loses the national championship.
A haircut.
An education.
A tangible (something you can touch) item.
14
Products sold to other countries are called _________________.
Stuff
Imports
Exports
Exparts
15
Who makes the decisions in a command economy?
The Mom
The governor
The Producers and Consumers
The government
16
Local governments have the power to make decisions for the whole country; central gov't is weak
Unitary
Conflageration
Federation
Confederation
17
What is GDP?
Gross Domestic Product
Gross Domestic Produck
Grass Domestic Product
Gross Domes Product
18
Explain what trade barriers are.
Tariff on Restrictions.
Ways that countries control trade - in and out.
Quota on an Embargo
The security guards checking passports at borders.
19
What is capital?
Utilities and cars only.
Lights and Heat only.
Atlanta.
Goods necessary to operate a business.
20
What is supply?
The amount of items you can stuff in your mouth.
The amount of items available for sale.
The amount of items available for sail.
The amount of items produced in a given year in a country.
21
When there are NO trade barriers between countries you have _____________________.
Trade
Money
Free Trade
Embargo
22
The government makes all economic decisions in a country with a ____________________ economy
Commando
Traditional
Market
Command
23
Which is the best example of a country specializing?
Producing only a few goods so you are best at making them.
Getting really good at Halo and ruling the world.
Making trade agreements with only a few countries.
Producing many goods for export.
24
What is an EMBARGO?
A limit or stop on trade with a country
An old person disease.
A tax on imports from a country
Only a set amount of stuff can be traded
25
Power held by one person who makes all decisions. Power is kept using force.
Queendom
Presidential Democracy
Kingdom
Dictatorship
26
What is a market economy?
When the government decides pricing.
When producers and consumers determine pricing.
When producers and consumers determine pricing of oil only.
When producers and consumers go to Publix.
