Economic Systems
The organized way a nation provides for the needs and wants of its people
What is an economy
What term do marketers use to describe resources?
What are factors of production?
Name the three political philosophies that have shaped world economies
Economies in transition most likely are moving from _________ economies to ____________ economies
What is command
What is market
Which vocabulary word fits in this sentence?
A nation chooses how to use its __________ to produce and distribute goods and services.
economy resources factors of production
infrastructure entrepreneurship scarcity
traditional economy market economy
command economy
What is resources
These determine the economic activities of a nation
What are resources or factors of production
This resource includes all of the people in a nation who work
What is labor
This type of political philosophy barely exists today
What is communism
The process of selling government owned businesses to private owners is called
What is privatization
Which vocabulary word fits in this sentence?
___________ consist of four categories.
economy resources factors of production
infrastructure entrepreneurship scarcity
traditional economy market economy
command economy
What is factors of production
What are the three questions nations ask when deciding how to use their resources?
What will be produced?
How should it be produced?
For whom should it be produced for?
What type of resource is steel?
What is capital?
This political philosophy has more government involvement than capitalism but also has democratic political institutions
What is socialism
Privatization generates much needed income for who?
What is the government
Which vocabulary word fits in this sentence?
__________ includes roads, ports, sanitation facilities, and utilities, especially telecommunication.
economy resources factors of production
infrastructure entrepreneurship scarcity
traditional economy market economy
command economy
What is infrastructure
This economic system has limited government involvement and is driven by consumers. Which political philosophy is associated with this type of system? (2 part answer)
What is market economy?
What is capitalism?
What is the difference between a nations available resources and the needs and wants of its people?
What is scarcity?
Which political philosophy is usually represented by a democracy?
Capitalism
Developing economies need to develop their ____________ in order to become more prosperous. Also known as the physical development of a country
What is infrastructure
Which vocabulary word fits in this sentence?
______ forces nations to make economic choices.
economy resources factors of production
infrastructure entrepreneurship scarcity
traditional economy market economy
command economy
What is scarcity
In this economy, all of the basic needs of the people are being met although they may not have a choice of where they work
What is a command economy?
Sales people at a mall would be an example of what type of resource?
Labor
Name a communist country
What is China
What is Cuba
In a country with a population of 290,342,554, how many people would be considered below the poverty line if the percentage in that category was 10%?
What is 29,034,255
Which vocabulary word fits in this sentence?
A _________ economy may have an economic system based on agriculture or forestry.
economy resources factors of production
infrastructure entrepreneurship scarcity
traditional economy market economy
command economy
What is traditional