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If a country invests more money in schools, what are they investing in? Would that make GDP increase or decrease?
Human Capital, GDP should go up
What are the 4 factors that influence economic growth?
Human capital, capital resources, natural resources, entrepreneurship
If a country invests in capital goods, should their GDP increase or decrease?
increase
If a country invests in human capital, would their literacy rate increase or decrease?
increase
If a country has a higher literacy rate, would the standard of living be higher or lower?
Higher
If 2 countries removed all trade barriers, would this increase or decrease the growth of their economies?
Increase
True or False-A country voting to increase tariffs is an example of an autocracy?
False-no voting in an autocracy
Instead of producing everything, countries focus on a few items to make very well. What is this an example of?
Specialization
If a country is closer to market, who makes the business decisions-the government or individual citizens?
Individual Citizens
Crops and handmade clothing would probably be made by someone in what type of economy?
Traditional
A country is trying to help domestic producers of computers, so they limit how many computers can be imported. What type of trade barrier are they using?
Quota
If a country is an autocracy, their economy is probably closer to market or command?
Command
What word means the total value of goods and services produced by a country in a year?
Gross Domestic Product (GDP)
Supply and demand control most aspects of this economy
Market
Trading goods instead of using money is part of which type of economy?
Traditional
Economy that is a combination of command and market
Mixed
Government controls all aspects of this type of economy
Command
If a country encourages people to start businesses, what factor of economic growth are they investing in?
Entrepreneurship
gold, oil, farmland, timber are all examples of what factor of economic growth?
Natural Resources
If a country has new technology, new roads and bridges, and make goods in factories, which factor of economic growth have they invested in?
Capital goods
If the literacy rate of a country increases, what factor of economic growth has the country invested in?
Human Capital
Limit on imported goods
Quota
Not allowing trade at all
Embargo
Tax on imported goods
Tariff
The leader has the power in this type of government
Autocracy
The people have the power in this type of government
Democracy
People directly elect the leader, CANNOT be fired, 3 seperate branches(2 words)
Presidential Democracy
People DO NOT directly elect the leader who is usually called Prime Minister and CAN be fired (2 words)
Parliamentary Democracy


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