Governments and Economics study guide (hope pelley)

Which economic system is based on consumers?  

• Command
• Traditional
• Market
• Mixed

Which African country has the strongest economy?  

• South Sudan
• Nigeria 
• Ghana
• South Africa 

What is a tariff?  

• A trade barrier in which one country announces it will no longer trade with another country in order to  isolate and cause problems with that country’s economy
  
• An economy that has characteristics of both market and command economic systems
  
• A way of limiting the amount of foreign goods that can come into a country
  
• A tax placed on imported goods
  

What is an embargo?

• A tax placed on imported goods 
• A trade barrier in which one country announces it will no longer trade with another country in order to  isolate and cause problems with that country’s economy
  
• A way of limiting the amount of foreign goods that can come into a country
• Market 

What is a quota?

• A trade barrier in which one country announces it will no longer trade with another country in order to  isolate and cause problems with that country’s economy
  
• a tax placed on imported goods 
• A way of limiting the amount of foreign goods that can come into a country
• South Africa 

What does it mean to invest in human capital?  Give some examples from Africa.

• Invest in educating the people. South Africa investing in training people to use technology
  
• Mining, manufacturing, service industries, fishing, agriculture
  
• Agriculture
• It encourages specialization and usually means more profit
  

In which African country would you find lots of oil and lots of people living in poverty?  

• Ghana
• Zimbabwe
• South Africa 
• Nigeria 

What are the three basic types of economic systems? Explain what each one is

• Market- a tax placed on imported goods 
  Command-a way of limiting the amount of foreign goods that can come into a country 
  Traditional-one country announces it will no longer trade with another country in order to  isolate and cause problems with that country’s economy
  
• Traditional – an economic system in which resources are allocated by inheritance, and which has a strong social network and is based on primitive methods and tools.
  Command - an economic system in which activity is controlled by a central authority and the means of production are publicly owned  
  Market - an economy in which most goods and services are produced and distributed through free markets
• Quota-an economic system in which resources are allocated by inheritance, and which has a strong social network and is based on primitive methods and tools.
  Tariff-an economic system in which activity is controlled by a central authority and the means of production are publicly owned
  Embargo-An economy that has characteristics of both market and command economic systems
  
• Traditional-an economy in which most goods and services are produced and distributed through free markets
  Command-an economic system in which resources are allocated by inheritance, and which has a strong social network and is based on primitive methods and tools
  Market- an economic system in which activity is controlled by a central authority and the means of production are publicly owned
  

What are mixed economies?

• an economic system in which resources are allocated by inheritance, and which has a strong social network and is based on primitive methods and tools.
  
• an economic system in which activity is controlled by a central authority and the means of production are publicly owned
  
• an economy in which most goods and services are produced and distributed through free markets
  
• An economy that has characteristics of both market and command economic systems

Free enterprise or capitalist are another name for which economic system?

• Market
• Mixed 
• Command 
• Traditional