Types of Economies
factors of production
What is Land, Labor, Capital and Entrepreneurship
taking or using natural resources directly from the earth
What is a primary economic activity?
The US and UK have this level of economic development
What is more developed?
uneven distribution of natural resources, labor costs, and education
What stimulates world trade
Fishing is what level of economic activity
what is primary
Economic decisions are made according to long established customs, history and beliefs; focus on bartering
What is traditional economy
Processes, manages and distributes information
What is a quaternary level of activity?
Countries in Africa, Asia and Latin America tend to have this type of economic development
What is less developed
Items brought into a country
What are imports
making wooden desks is what level of economic activity
what is secondary level?
Individuals freely make their own choices about production, distribution and consumption; no government involvement
Provides services to people and businesses
What is a tertiary level activity?
T/F - in a less developed country, agriculture is still dominant
what is true
T/F - domestic trade and international trade are identical
what is false
teachers are part of what level of economic activity
what is tertiary level
Government owns the means of production and controls the distribution of goods.
What is a command economy
uses raw material to make a product that is new and more valuable
what is a secondary activity?
In a newly industrialized economy, countries ...
what is moved from primarily agriculture to manufacturing and industry
Goods shipped out of the country
what are exports?
research and development is part of what level of economic activity
what is quaternary?
Government supports and regulates free enterprise; also provides social services
What is a mixed economy?
The design, manufacturing, and sale of an iphone uses what levels of economic activity.
What is all four?
Turkey, Mexico and China have what level of economy
what is newly industrialized?
Makes international trade more involved and expensive
What are tariffs, border delays, language, legal systems and cultural barriers
agriculture is what level of economic activity
what is primary level