Government
Who is the head in a presidential democracy?
President
Where does North Korea land on the economic continuum?
Almost pure command
What is a traditional economy?
A traditional economy relies on customs and tradition
Literacy rate
The percentage of people in a country over 15 years old that can read
Trade barrier
A trade barrier is something complicating trade from country to country usually because there is another country the country would rather use
Who is the leader in a Parliamentary democracy?
Prime minister
Where does South Korea land on the economic continuum?
More market than command
What is a command economy
In a command economy the government owns and controls business, choosing how much of what to produce and at what price
Entrepreneurship
The act of creating business without government rule or intervention.
Embargo, tariff, quota
What type of government does North Korea have?
Autocracy
Where does Japan land on the economic continuum?
Closer to market
What is a market economy?
In a market economy the citizens have the choice, they can choose what they want to produce it how they want to produce it and what they want it to cost
Natural resources
Natural resources are resources that a country can produce without importing things. This includes plants like cotton or foods and other things natural to that environment
Currency exchange and why its important
Currency is the rate of change from one country's money to another's. This is crucial in trade because countries need to know how much their 1 is worth in another country for the fairness of trade
What type of government does South Korea have?
Presidential Democracy
Where does China land on the economic continuum?
Near the middle closer to command
What are the 3 economic questions?
What are you going to produce?
How are you going to produce it?
Who are you producing it for?
Human Capital
Human capital is education and training the human workers to produce the goods. An investment in human capital would invest in colleges and schools, and training programs.
Specialization
Specialization is what a specific country focuses on usually due to natural resources, so they can trade with other countries having the best of the best of what they specialize in.
What type of government do India and Japan have?
Parliamentary Democracy
Where does India land on the economic continuum?
Near the middle more command
Which focus country is most open to entrepreneurs?
South Korea
Capital goods
Machinery and what is used to produce goods
GDP and GDP per capita
GDP is used to calculate the health of a country's economy. GDP per capita is calculated by dividing a country's total GDP by its population