Terms
the way we make and manage money
economy
to rely on each other
interdependent
I am the only person in the village who raises chickens. People in my village bring me things they make and/or grow to trade me for my chickens or eggs.
What type of economy is being described?
traditional economy
Free enterprise
Manufacturing
rural
country
Has a healthy economy, characterized by a high living standard, clean water, technology, strong manufacturing, high trade and globalized markets
developed country
I started a company to manufacture cell phone cases. We started out making green cases. They sold well, so I decided to produce purple ones. The purple ones sold out! I am trying to decide whether to produce more purple ones and raise the price, or try another color?
Free Enterprise
Which type of economy has no government involvement?
traditional economy
In this industry, goods are bought from manufacturers to be resold to retailers
Wholesale
urban
city
A counry with a weak economy characterized by a low standard of living, a lot of poor people, rural lifestyle
developing country
The government has mandated that the factory that I work in produce blue pants. I am told the government said the blue pants will sell for $15 a pair. Everybody wears blue pants. I am tired of blue pants, but there are no other choices when I go to the clothes store.
Communism
Which type of economy has the most government involvement?
communism
This industry includes anything to do with farming and ranching, including cheese-making.
Agriculture
imports
Nations interacting using people, technology, investments, business, trade and government
globalization
In my country the government controls big businesses, like healthcare, but I still own my own donut shop!
Socialism
Which type of economy is in the middle of the scale of government involvement?
socialism
This industry includes things like teachers, police officers, servers, doctors and chefs.
Service
exports
Supply and Demand
This industry includes any store you shop at
Retail.