Economic Systems
This is the type of economy the U.S. has
Market/Capitalism/Free-enterprise
The indicator that judges health by knowing the statistics of baby deaths is know by which term?
What is infant mortality
Renewable resources like forests are an example of what type of Factor of Production?
What is Land
When a farmers crop or livestock is mainly used to maintain the existence of the family ?
What is subsistence agriculture/ farming
When subsistence agriculture practitioners cut down/ remove trees like in the Amazon Rainforest this is called?
What is deforestation?
The government controls all aspects of this type of economy
Command/Communism
List one type of economic indicator that measures the wealth of a nation.
What is GDP, Technology per 1000 population
When a country sends products to another country it is called?
What is export
What is the largest monetary incentive for both individuals and businesses?
What is profit
Give an example of a Primary industry of economic activity(1st of 4 levels).
What is Farming, fishing, mining, raising livestock, grain, coal, oil or natural gas production
This economy is based on the principles of private ownership, free trade & competition?
What is Free Market, Capitalism or Free-enterprise
If a country's economic indicators allows its citizens to have health, wealth, and education, for a high standard of living, then this is most likely the type of economic system?
What is Free Market/ Free Enterprise/ Market
Economy
When countries work/trade with other countries to get resources this is referred to as
What is economic interdependence
When their are not enough resources to meet peoples needs or wants this is called
What is scarcity
Give an example of a Secondary industry of economic activity
What is manufacturing(furniture, textiles, pharmaceutical)
All societies had this type of basic economy at one time that has low standards of living?
What is Traditional economy/Barter
Countries with high infant mortality but low literacy, education and low standards of living is most likely this type of economic system ?
What is Traditional Economy
Which factor of production has a person (s) who brings all the other factors together in order to create a profit.
What is entrepreneur
When farms focus on producing agricultural products for market?
What is commercial agriculture
Give 1 benefit of Free-enterprise system
Free to exchange goods, services and choose careers. Free to operate businesses with little government intervention. Profit, owning land, quality of products, choices(competition), and participate in open elections
This type of economy combines traditional, market and command economic systems where government and the people have control over the factors of production?
What is a Mixed Economy/ Socialism
Economic indicators that have high education, medium health indicators but low wealth indicators like GDP are showing what type of economic system?
What is a command economy
The most important thing for consumers who can control all the factors of production in a market/free-enterprise system to help keep prices down is?
What is competition
What is a system of producing, selling and buying goods and services in a nation called?
What is an economy
Who owns all factors of production, resources, distribution of resources and makes all government decisions in a command / communist economy?
What is the government