Economic Systems
What type of economic system involves no government control or intervention whatsoever?
The average number of years a person is expected to live.
What is life expectancy?
a country's wealth and its manmade resources.
What is capital?
A flight attendant passing out snacks is an example of what type of industry?
What is service industry?
What is an example of a type of natural disaster?
What is hurricane, tornado, flood, tsunami, or earthquake?
What type of government does the United States have?
The monetary value of goods and services produced in a country.
What is GDP or Gross Domestic Product?
a factor of production that consists of all natural resources used in the production of goods and services, including both the physical land itself and any resources derived from it.
What is land?
a mom and pop shop selling bread is an example of what type of industry?
What is retail?
If a country invests in healthcare will their infant mortality rate be high or low?
What is low?
In what type of economy does the government control some industries like healthcare, education, and transportation and central planners make decisions about these types of industries?
What is socialism?
A country's economic output per person.
What is GDP per capita?
The state of being in short supply or having a shortage of something.
What is scarcity?
A factory producing cookies are an example of what type of industry?
If a country invests in education will their literacy rate be high or low?
What is high?
What is command economy?
A person's ability to read and write.
What is Literacy?
If a country is producing fewer goods and services and hiring foreign workers to fill positions, they have a shortage of what factor of production?
What is Labor?
A farmer harvesting rice is part of what type of industry?
What is agriculture?
What physical feature most easily allows access to trade and distribution of goods?
What is water?
Citizens are able to own private property and become entrepreneurs and own businesses with little government intervention in what type of economic system?
What is free enterprise?
As literacy rates increases, life expectancy and GDP increases or decreases?
What is INCREASES?
What are the four factors of production?
What is land, labor, capital, and entrepreneurship?
Teachers at a school are an example of what type of industry?
What is service industry?
DAILY DOUBLE!
The two most important geographic factors a business should consider when deciding where to locate their company?
Hint: landlocked countries do not have access to one of these factors
What is access to water and transportation?