Economic Systems
It relies on hunting and gathering, fishing, and agriculture.
What is a traditional economic system?
Jobs that extract raw materials from the earth.
What is the PRIMARY level of industry?
All physical and mental work toward production.
What is human capital (LABOR)?
GDP stand for...
What is Gross Domestic Product?
The government owns all industries and controls production.
What is Communism (Command) Economic system?
Activities that use raw materials to create new products.
What is the secondary level of industry?
Man-made goods used in the production process, like tools or machines.
What are capital goods (CAPITAL)?
It measures the education level of a population, impacting economic growth.
What is LITERACY rate?
Individuals own businesses and choose what to buy and sell with minimal government interference.
What is Capitalism? (Free Enterprise)
It provides goods or services.
What is the tertiary level of industry?
Anything that comes from the earth.
What are natural resources (LAND)?
Statistics about a place that help you understand the condition of its economy.
What are ECONOMIC INDICATORS?
It combines elements of both market and command economies.
What is Socialism (Mixed Economic System)?
: It focuses on research and distribution of information.
What is the quaternary level of industry?
Business owners and inventors driving innovation and creating new jobs.
Who are entrepreneurs?
The value of goods produced per person in a country, used to estimate standard of living.
What is GDP Per Capita?
Two synonyms for Free Enterprise Economic System.
What are Market and Capitalism?
The level of industry that consist of crash car dummy operation would fit.
What is Quaternary?
**DAILY DOUBLE**
The shortage of ______can lead to economic decline and a decrease in GDP
What are entrepreneurs?
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