Overview Gov and Econ

What is an embargo?

A tax placed on goods coming into one country from another

This is a type of gov’t where the citizens vote for the executive leader

Steve Jobs is an example of

The total amount of goods and services produced in a country in a year

Why does economic specialization make trade between countries easier?

Citizens vote for the leg. & the leg. elects one of themselves to be the executive leader

Oil is an example of

A teacher is an example of

In a traditional economy, how are economic decisions made?

The government that sets prices and decides what will be produced is a

A hammer is an example of

Which is not one of the 3 basic questions all economies must answer?

Entrepreneurs like Country E because there are many rules by the government

All citizens have decision making ability when it comes to the gov’t

Reliance on trade with other countries to fulfill a country’s needs is called

France has invested heavily in capital goods, so their standard of living & GDP are increasing

1 person makes all of the decisions. All other citizens have no decision making abilities.

Which of the following is found in a market economy?