Economic Systems
This type of economy relies on traditions and doing things the same way for generations.
What is a Traditional Economy?
If a country taxes imported goods to make them more expensive, what is it using?
What is a Tariff?
This measures how educated a population is...(read/write)
What is a Literacy Rate?
The U.S. rebuilt this country into a strong democracy after WWII.
What is Japan?
Which country has the highest GDP per capita: India or South Korea?
What is South Korea?
In this economy, the government makes most economic decisions.
What is a Command Economy?
This trade barrier completely stops trade with another country.
What is an Embargo?
Investing in education and training improves this type of capital.
What is Human Capital?
The idea that countries would fall to communism like dominoes is called this.
What is the Domino Theory?
Why does South Korea have a higher standard of living than India?
What is they have a higher GDP per capita?
Most countries today, including those in Asia, use this type of economy.
What is a Mixed Economy?
Which is MORE effective for pressuring a country: tariff, quota, or embargo?
What is an Embargo?
This measures the total value of goods and services a country produces.
What is Gross Domestic product (GDP)?
Gandhi was influenced by injustice he saw from the Apartheid in this country.
What is South Africa?
Over 40% of China’s waste is dumped into this river.
What is the Huang He (Yellow River)?
A farmer grows just enough food for their family and trades extra goods. What system is this?
What is a Traditional Economy?
A limit on how many goods can be imported is called this.
What is a Quota?
Why would a company choose South Korea over India based on literacy rates?
What is higher human capital / more skilled workers?
The Cultural Revolution, The Great Leap Forward, and Tiananmen Square were all events from this country.
What is China?
Japan has limited farmland, so it depends heavily on this resource.
What are ocean resources (fishing)?
Why do most countries NOT use a pure command or pure market economy?
What is they combine both to balance government control and freedom (mixed economy)?
India is known for specializing in producing this.
What is pharmaceuticals (medicine/drugs)?
What is the BEST way for a country to raise its standard of living?
What is investing in education and improving literacy?
The financial and human costs of World War II made it difficult for Great Britain to maintain control of this country, leading to its independence.
What is India?
Japan became a world industrial leader mainly because of this investment.
What are capital goods (technology, machinery)?