Economic Basic
This type of economy relies on customs, traditions, and habits to make decisions.
What is a traditional economy?
This country has a market-based economy, especially focused on its investment in information technology .
What is India ?
Countries focus on producing goods they can make efficiently. This is called ____.
Specialization
People who take risks to start new businesses are called this.
What are entrepreneurs?
To trade between nations with different currencies, you must do this.
What is exchange currency?
In this type of economy, decisions are made by individuals and businesses.
What is a market economy?
This communist country has been shifting to a mixed economy since 1978 reforms.
What is China?
This barrier adds extra cost to imported goods.
What is a tariff?
Investing in education and skills of workers is building this.
What is human capital?
To protect the nation's car manufacturing industry from foreign car producers, the South Korean government charges a fee for each imported car. This is an example of
What is a tariff?
In this economic system, the government makes all the major economic decisions.
What is a command economy?
India’s economy is mixed, but it leans more toward this kind of economic system.
What is a market economy?
A complete stop on trade with another country is called this.
What is an embargo?
The governments of India, Japan, China, and South Korea invest aggressively in new factories and machinery.
What is capital goods
What is the major imported resource that Southern and Eastern Asia need to fuel their nations and industries.
Petroleum/ Oil
Most countries have this type of economy, blending command and market features.
What is a mixed economy?
This country's economic growth has been limited by decades of command-style policies.
What is North Korea?
These limits on the number of imports help protect domestic industries.
What are quotas?
Investment in a countries education & training and factories and machines does what to a country GDP?
What is an increase
This countries top exports are cars, integrated circuits, machinery, medical equipment
What is Japan
Most economic systems around the world and in Southern and Eastern Asia are
Mixed Economies
Which factor has the most significant impact on the economy of North Korea?
Its government
What is the main reason countries in Southern and Eastern Asia create trade barriers?
to protect and limit foreign competition within their country
Entrepreneurs are important because
what are new ideas and create new jobs. Increase GDP
This country is the leading exporter in the world and economic powerhouse
What is China