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Economics

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Wilfredo Romaguera

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Cards in this guide (12)
Gross domestic product GDP measures and reports output

Gross domestic product GDP measures and reports output in the local currency. This is one of the ways of measuring the economy of a country.

Under a fractional reserve banking system the amount of money loaned out can only increase if what happens

The required reserve ratio is lowered.

How can a culture affect economics

A culture can affect economics in various ways. One way is how people take care of their health. Another is where people work and the types of jobs they have. Eating out or cooking their own food at home can affect economics. Another affect culture can have on economics is the cultural events and traditions such as weddings or coming of age type parties.

Power and legitimacy existing together in a state is defined as

authority

What are some advantages to an oligarchic form of government

A. It prevents mob rule.
An oligarchy is supposed to be rule by the best but it is more often rule by the rich and powerful, usually with the backing of an army. If the ruling class treats the rest of the population well, an oligarchy can be efficient because it is decisive; there isn`t the squabbling that occurs in democracies.

What areas do nongovernmental organizations work in

Nongovernmental organizations (NGOs) work in environmental protection, education, and health care.

What is Growing crops herding animals or even hunting and gathering

Traditional economy

Which describes a blended family

Blended Family is two adults, each with children from previous relationship.

What does not describe one of the four basic characteristics of a state

A state has a democratic system

What conditions will increases nations human development index

What conditions will increase a nation’s humad Development Index

What are needed to determine the equilibrium price of a good or service

Consumers have inelastic demand

What are the following major elements of a high quality of life

A)access to effective education

(B) Ability to get quality health care

(D)Removal and appropriate treatment of waste

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