What is an example of decisions about [What, How or For Whom] to produce?
What is an example of a [Traditional, Planned, Market or Mixed] Economic System?
What is an example of the influence of [tradition, planning, and markets] in the Mixed Economy of Macau?
The Economy of the USSR
100
An economic system in which what, how and for whom to produce are decided according to social customs, beliefs, and traditions.
What is a traditional economy?
100
Only Macau ID holders may apply for public housing.
What is an example of "for whom to produce"?
100
The Amish people of Pennsylvania, USA refuse to use modern machines and are famous for their handmade furniture.
What is an example of a traditional economy?
100
The government of Macau offers subsidies to teachers so more people will be interested in this job.
What is an example of the influence of planning in the Mixed Economy of Macau?
100
In this system, the planning bureau told each factory how much they needed to produce to meet the national production goals. However, it also meant that the factories focused on quantity, not quality.
What is the quota system?
200
A situation in which buyers and sellers can negotiate prices and quantities of goods to be bought and sold.
What is a market?
200
Casino companies decorate their casinos beautifully and even scent the air!
What is and example of "how to produce?"
200
Macau has two major hospitals- private hospital, Kiang Wu and public hospital, Sao Januario. These hospitals offer both Western and Chinese medicine.
What is an example of a mixed economy?
200
In Macau, we can usually buy anything we want as long as we have enough money.
What is an example of the influence of markets in the Mixed Economy Macau?
200
Before the Soviet Union was established, Russia's economy was mostly based on farming. The new government's goal was to become a modern, industrial country, so their plan was to focus on this.
What is heavy industry?
300
an old belief, behavior, or procedure that has been passed on through generations
What is a tradition?
300
High class clubs have strict dress codes- no slippers or sport shoes allowed!
What is an example of "for whom to produce"?
300
In the early days of the industrial revolution in England, many poor children worked in factories rather than go to school. There was no law forcing them to study and factory owners were allowed to hire them.
What is an example of a market economy?
300
In Macau, women are more likely to quit their jobs and stay home when their children are young.
What is an example of the influence of tradition in the Mixed Economy of Macau?
300
Although the Soviet Union was meant to benefit the workers, over time workers lost this, because central planning required everyone to follow their part of the plan without question.
What is economic freedom?
400
A company in a market economy that is owned by private citizens and earns profit from producing and selling goods or services.
What is a (private) firm?
400
The government opens a public hospital.
What is an example of "what to produce"?
400
Customers go to shops to buy what they like. If they don't like what the shop has, they won't buy anything and the shop will not earn any money. So the shop will try its best to provide what the customers like.
What is an example of a market economy?
400
Richer people in Macau can afford nicer homes in more desirable areas of the city.
What is an example of the influence of markets in the Mixed Economy of Macau?
400
The Soviet Union experienced a high growth rate, with production increasing every year, however much of that growth was concentrated in heavy industry and energy production and focused less on this.
What are consumer goods?
500
Something that pushes to do a particular action or aim for a particular goal. Hint: Carrot & stick
What is an incentive?
500
The government passes a law saying that casinos must have smoking lounges and may only allow their customers to smoke in those special rooms.
What is an example of "how to produce?"
500
In Country X, workers are told which job in which enterprise (company) they will get.
What is an example of a planned economy?
500
In Macau we may see and hear many advertisements for different goods and services, each one trying to convince us to buy their product instead of the other's.
What is an example of the influence of markets in the Mixed Economy of Macau?
500
As many people left the countryside to work in factories and gave up subsistence farming, the government established these to grow enough food to feed their population.