Government and Economic Study Guide. 1. Define unitary Power flows from one strong central...
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Government and Economic Study Guide
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1. Define unitary
Power flows from one strong central authority to several weak regional authorities.
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2. Define confederation
Independent states/countries band together for some common purpose.
They only delegate a few powers to the weak central authority.
States/countries retain considerable independence.
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3. Define federal
Power is divided/shared between one central and several regional authorities.
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4. Define Autocracy
government ruled by one person who makes all the decisions
Example: dictatorship, absolute monarchy
citizens have no say in the government
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5. Define Oligarchy
Government ruled by a few people
Those few make all the decisions
General citizens have no say in the government
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6. Define democracy
government ruled by the people
The general citizens have decision making power by voting
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7. What are the types of governments and economic systems of the UK, Germany, and Russia?
UK parliamentary democracy constitutional monarchy Mixed Economy
Germany federal republic Mixed Economy
Russia Federation Mixed Economy
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8. Why did so many countries in the EU adopt the Euro?
There are so many countries in Europe located so closely together that it makes it a lot easier to trade with the same money
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9. What is the main purpose of the European Union?
(1) economic protection, (2) trade
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10. What are the 3 basic questions that all economic systems have to answer?
What to produce? How to produce it? For whom to produce?
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11. What is a traditional economy?
An economy where the product is shared by the whole community and based on customs
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12. What is a pure free market economy?
Where individuals make decisions regarding the economy
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13. What is a pure command economy?
Where the government makes decisions regarding the economy
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14. What type of economic system do all European countries have?
Mixed economy
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15. Give an example of a country today with mostly a command economy.
North Korea Cuba
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16. Which type of economy did East Germany and the former SU used to have?
Command
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PureMarket
PureCommand
Russia52%
Germany73%
United Kingdom75%
17. Where are Russia, Germany, and the UK located on the economic continuum?
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18. Define Gross Domestic Product
The total amount of goods and services produced in a country in a year.
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19. List 4 factors that affect a country’s GDP
human capital capital goods natural
resources entrepreneurs
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20. Define human capital
The value that people bring to the marketplace
Human labor
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21. Name two things that influence human capital
education/training health of employees
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22. Give two examples of capital goods
machines like ovens, sewing machines, computers, etc…
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23. Define entrepreneur
a person who is willing to take a risk to create a business to sell a new technique, idea, or product
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24. Explain how natural resources affect a country’s wealth.
Many natural resources usually means more wealth, especially if a country has a lot of petroleum (oil)
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25. Give one example of a trade barrier in Europe
Tariffs Embargo Quota the Alps for
Switzerland some countries
don’t use the Euro
some countries may be landlocked
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26. Define tariff
Taxes on imports
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27. Define embargo
A ban on trade with a country for political reasons
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28. Define quota
A limit on the amount of a specific good that is imported
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29. What is meant by “currency exchange rate”?
The ratio between two different currencies
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30. What is one reason why it is more expensive to have exchange currencies from one country to another country?
Banks charge a currency exchange fee
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31. If Scandinavia has a high literacy rate, what does that mean about its development?
High standard of living
It will have many college graduates who are doctors, lawyers, architects, engineers, etc…it will be well developed