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Definition
| 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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| all countries suffer this problem; lack of resources to meet all citizens needs/wants at the same time |
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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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Definition
| 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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| command economy (communism) |
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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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| market economy (capitalism) |
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| The 3 basic questions are answered by sellers & buyers or supply/demand (Singapore) |
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| A blend of command and market. Some government control over resources, but buyers/sellers do have some freedoms too. (USA & most countries use it) |
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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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| a country stops trade with another country; 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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| the number of people that live in a specific country; also their traits (rich/poor, urban/rural, languages, religion, etc...) |
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| the physical space/land owned by a country; it can change (wars, buy new land, treaties) |
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| to be in control of your self; able to make your own rules; equal to all other countries |
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| 1) make laws 2)protecting the state or nation (military) 3)keep order within the state or nation (police) 4)help citizens by providing services people need (post office) |
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| king/queen- inherited power (Saudi Arabia) |
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| 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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| government system where laws align with the religious teachings (Iran and Saudia Arabia) |
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| no government- chaos; dangerous; often happens during transition time as a country is switching from one type of government to another |
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