Economics and Government Terms

This is an economic system based on the practices off the past. In this economic system most everyone is involved in agriculture (growing crops and raising animals).

• Mixed Economy

• Traditional Economy

• Command Economy

• Market Economy

This refers to most items that are produced by people for consumption (use).

• Goods

• Services

• Export

• Import

True or False? Natural Resources, Human Resources, Capital Resources, and Entrepreneurship are apart of the Four Factors of Production?

• False

• True

This refers to acts that one does for someone in return for wages (money).

• Goods

• Tariff

• Services

• Economics

What is a Trade Deficit?

• It refers to the act of buying goods and services from another country.

• This happens when a country sells more goods and services than it buys from that country.

• This refers to actions taken by a government to either slow down or completely stop trade with a particular country.

• This accrues when a country buys more goods and services that it sells to that country.

What is a Trade Barriers?

• This refers to actions taken by a government to either slow down or completely stop trade with a particular country.

• This happens when a country sells more goods and services than it buys from that country.

• It refers to selling goods and services to another country.

• This act limits the number/amount of goods that are important from another country.

What is an Absolute Monarchy?

• It is a form of dictatorship. One person is in charge of the country.

• There is a king/queen. He/she is in charge of the country. He/she makes all of the decisions.

• There is a king/queen. his/her power are limited. He/she cannot make all of the decisions.

• It's a form of dictator. A small group of individuals are in charge. They make all the decisions for everyone.

This happens when a country sells more goods and services than it sells to that country.

• Trade Barriers

• Trade Deficit

• Trade Surplus

• Tariff

What refers to a system of producing, selling, buying, and trading goods and services?

• Embargo

• Export

• Import

• Economics

This is an economic system in which all aspects of the economy, such as private ownership, production, and employment is controlled by people 100% of the time.

• Market Economy

• Mixed Economy

• Traditional Economy

• Command Economy