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Government and Economic Study Guide 1. Define unitary Power flows from one strong central authority to several weak regional authorities. 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. 3. Define federal Power is divided/shared between one central and several regional authorities. 4. Define Autocracy government ruled by one person who makes all the decisions Example: dictatorship, absolute monarchy citizens have no say in the government 5. Define Oligarchy Government ruled by a few people Those few make all the decisions General citizens have no say in the government 6. Define democracy government ruled by the people The general citizens have decision making power by voting 7. What are the types of governments and economic systems of the UK, Germany, and Russia? UK Germany parliamentary democracy constitutional monarchy Mixed Economy federal republic Mixed Economy Russia Federation Mixed Economy 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 9. What is the main purpose of the European Union? (1) economic protection, (2) trade 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? 11. What is a traditional economy? An economy where the product is shared by the whole community and based on customs 12. What is a pure free market economy? Where individuals make decisions regarding the economy 13. What is a pure command economy? Where the government makes decisions regarding the economy 14. What type of economic system do all European countries have? Mixed economy 15. Give an example of a country today with mostly a command economy. North Korea Cuba 16. Which type of economy did East Germany and the former SU used to have? Command 17. Where are Russia, United Kingdom Germany, and the UK 75% located on the economic Germany continuum? Russia 52% Pure Command 73% Pure Market 18. Define Gross Domestic Product The total amount of goods and services produced in a country in a year. 19. List 4 factors that affect a country’s GDP human capital capital goods natural resources entrepreneurs 20. Define human capital The value that people bring to the marketplace Human labor 21. Name two things that influence human capital education/training health of employees 22. Give two examples of capital goods machines like ovens, sewing machines, computers, etc… 23. Define entrepreneur a person who is willing to take a risk to create a business to sell a new technique, idea, or product 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) 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 26. Define tariff Taxes on imports 27. Define embargo A ban on trade with a country for political reasons 28. Define quota A limit on the amount of a specific good that is imported 29. What is meant by “currency exchange rate”? The ratio between two different currencies 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 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