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20 Cards in this Set
- Front
- Back
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Economic System
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refers to the production, distribution, and exchange of goods and services.
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what makes economic systems different?
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How government and people are involved in the economic system.-who makes economic decisions.
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capitalism
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means of production, distribution and exchange are privately owned.
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profit
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amount of money left after cost of production.
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Competition
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insures quality products at the lowest price.
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what is capitalism guided by?
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Supply and Demand
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Supply
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Quantity that is available
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damand
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people willing to buy
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how does supply effect price?
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if the supply is down then the damand is up and the price is up
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How does damand effect price?
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if the damand is down the supply is up and the price is down.
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what are most countries in the world?
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mixed economies
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How does government regulate the economy?
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1. They raise or lower taxes (raise slows the economy and lowering speeds the economy)
2. raise and lower intrest rates. 3. make laws to protect consumers and workers. 4. provide service to consumers (postal service) |
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socialism
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government owns and controls major buisnesses(everyone one will use these buisnesses)
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government allows private ownership of buisness.
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True
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what limits did the Magna Carta place on the King?
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King have to obey the laws
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who was forced to sign the magna carta?
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King John
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when was the magna carta signed?
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1215
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Parliament
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the british legislature
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legislature
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group of people who make laws for a state or country
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colony
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a group of people in one place who are ruled by the government of another place.
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