Economy
What is Economy?
what is a system of producing, selling, and buying goods and services?
In economy, the primary level is _________.
What is direct use of natural resources, and raw materials?
What is industry is in the tertiary level?
What is wholesale industry, retail industry, and service industry?
wholesale industries - businesses that sell to businesses
retail industries - businesses that sell directly to final customers
service industries - businesses that provide services rather than goods
What is a traditional economy?
What is economy in which production is based on customs and tradition and in which people often grow their own food, make their own goods, and use barter to trade?
What is GDP (gross domestic product)?
What is the value of all goods and services produced within a country in a single year?
The value of all goods and services produced within a country by anyone, including non-citizens, in a year.
What is economic interdependence?
What is when producers in one nation depend on others to provide goods and services that they do not produce?
What is secondary level?
What is secondary level is changing raw materials into useful goods and products for consumers to use?
What is the quaternary industry?
What is research and information distribution?
Researchers, librarians, computer programmers, and scientists.
What is a command economy?
What is an economic system in which the central government makes all economic decisions?
What the three functions of money?
What is medium of exchange, store of value, and unit of exchange?
medium of exchange - a means through which goods and services can be exchanged
store of value - something that holds its value over time
unit of account - a yardstick of economic value in exchanges, such as money
What are developed countries?
What are countries with strong economies and a high quality of life?
Developed countries like Germany and the United States have a high per capita GDP and high levels of industrialization. Their health care and education systems are among the best in the world.
What is tertiary level?
What is tertiary is a job related to labor provided to others?
What are the factors of production?
What are the basic economic resources needed to produce goods and services. The four main factors of production are land, labor, capital, and entrepreneurship.
They have one thing in common which is that their supplies are limited.
All kinds of natural resources, such as oceans, mines, and forests, provide the raw materials needed to produce goods. Another important natural resource for businesses is land.
Capital is the goods used to make other goods and services. Capital includes tools, trucks, machines, factories, and office equipment. These items are often called capital goods to distinguish them from financial capital. Financial capital is the money a business uses to buy the tools and equipment, or capital goods that they use in production.
Labor is the human time, effort, skills, and talent needed to produce goods and services.
Entrepreneurs are the fourth factor of production. An entrepreneur is a person who organizes, manages, and assumes the risk of a business.
What is a market economy?
What is an economic system based on free trade and competition?
What is globalization?
What is the process in which countries are increasingly linked to each other through culture and trade?
What are developing countries?
What are countries with less productive economies and a lower quality of life?
What industry is in the primary level?
What is agricultural industries?
What is an opportunity cost?
What is the value of something you give up in order to get something else?
What is a mixed economy?
What is an economy that is a combination of command, market, and traditional economies?
What is GNP (gross national product)?
What is the value of all goods and services produced by a country's citizens, regardless of where they live?
What are two developing countries?
What is Sudan and Cambodia?
What industry is in the secondary level?
What is manufacturing industries?
What is an economic system?
What is an economic system is the way in which a society organizes the production and distribution of goods and services?
What are three types of mixed economies?
What is capitalist, socialist, and communist?
In a communist economy the government owns all the factors of production. There is no private ownership of property or resources and little or no political freedom. Close to a command model.
In capitalist economies, individuals and businesses own the factors of production. They play a major role in answering the basic economic questions and no central government authority tells them what to do. Close to a market system.
The third type of economy falls between communism and capitalism. In socialist economies, the government controls some of the basic factors of production. In most cases, that control is limited to industries and services that are key to a nation’s well-being, such as electrical utilities, communications networks, and healthcare.
What type of economy does the USA have?
What is a mixed economy?
A capitalist where the government plays an important but limited role in the economy. For example, in the United States, government agencies enforce health and safety standards. These actions benefit U.S. workers and consumers but affect business planning in complicated ways. Regulations can increase the cost of running a business. On the other hand, the government spends money that it collects in taxes on services that support economic development, such as education, roads, and social welfare programs. Businesses save money by not having to pay for these services themselves.