Government and Economy Flashcard

Front

What is the difference between a presidential democracy and a parliamentary democracy?

Back

Presidential democracy has voters select a legislature and a president while parliamentary democracy votes for parliament and they appoint a prime minister.

Front

What are the two most common forms of government around the world today? Options: Monarchy and Dictatorship, Presidential and Parliamentary, Oligarchy and Theocracy, Anarchy and Communism

Back

Presidential and Parliamentary

Front

What is an economic system?

Back

A system that manages the production, distribution, and consumption of goods and services

Front

What is the difference between needs and wants?

Back

Needs are essential for survival, while wants are additional desires.

Front

What are the three fundamental economic questions that all societies must answer?

Back

What to produce, how to produce, and for whom to produce

Front

What is a traditional economy?

Back

An economy based on customs, traditions, and beliefs

Front

Who controls the factors of production in a market economy?

Back

Private individuals and businesses

Front

What is a mixed economy?

Back

An economy that combines elements of both market and command economies

Front

What is a good?

Back

A tangible item that satisfies human wants

Front

What is a service?

Back

An action or activity performed for a fee