Economic systems
What is a command economy?
In this type of economy, the government decides what will be produced and sold.
What is land?
This factor of production involves all natural resources used to create goods.
What is gross domestic product (GDP)?
This indicator measures the total value of goods and services a country produces.
What is the country that has the highest GDP per capita in the chart?
U.S.A
What is an economy?
This is the system in which people produce, buy, and sell things.
What is a free enterprise economy?
Privately owned businesses create goods in this type of economy.
What is labor?
The workforce’s size and education level represent this factor.
What is GDP per capita?
The value of products produced per person in a country is called this.
What does the book says about literacy in Germany or the United States?
The country with the highest literacy rate in the chart.
What is the primary sector?*
The sector involving taking raw materials from the earth.
What is a traditional economy?
In this traditional system, people trade goods and services without money.
What is capital?
This factor refers to the wealth and infrastructure of a country.
What is life expectancy?
This indicator measures the average lifespan of people in a country.
Which country listed has the lowest life expectancy?
Afghanistan
What is the tertiary sector?*
The sector that includes services such as banking and healthcare.
What is a mixed economy?
This economy combines free enterprise and command systems.
What is entrepreneurship?
The creativity and risk needed to develop new goods and services fall under this factor.
What is the name of the rate that measures people who can read and write?
Literacy rate measures this.
This country has a GDP of 193.3 billion and is highly developed.
Singapore
What is the secondary sector?*
The sector involving manufacturing products from raw materials.