Environmental Issues
What problem occurs when people do not have equal access to clean water?
Water scarcity / unequal access to water
What type of economy is based on customs and traditions?
Traditional Economy
What is specialization?
Where countries focus on producing what they do best.
What is GDP per capita?
Gross Domestic Product Per Person
What environmental issue turns farmland into desert?
desertification
How does water pollution impact drinking water?
It makes water unsafe to drink and can spread disease
Who makes most economic decisions in a market economy?
Individuals and businesses (Will accept some variation of supply and demand.)
What is a tariff?
A tax on imports
What is human capital?
The skills and training of your people (workforce)
What trade barrier completely stops trade?
Embargo
What is one effect of deforestation on soil in Sub-Saharan Africa?
It leads to the loss of topsoil, as roots no longer hold the good soil in place. (Or any appropriate answer.)
What does “continuum” mean when describing economic systems?
Will accept something related to the economic continuum between Market and Command
What is a quota?
A limit on how much of a good can be imported
What are capital goods?
Tools, machines, and factories used to build goods or provide services.
What type of economy combines government and individual decision-making?
Mixed economy
Explain how water pollution can impact trade or industry.
Polluted water harms fishing, farming, and factories that depend on clean water (Or similar.)
How does a market economy answer “for whom to produce”?
Something related to who can pay for stuff.
Why do countries need currency exchange?
Because different countries use different money
What is entrepreneurship?
Taking a risk to build a new business or develop a new idea.
Jean is from France, he is visiting Nigeria. Jean has Euro's, the currency of the European Union. He wants to be able to buy things in Nigeria. What does he need to do?
Currency Exchange.
Explain how desertification can affect where people live.
People may be forced to move because land can no longer support farming or water needs
Why do most countries become mixed economies?
Something related to combining individual freedom with necessary government controls.
Compare tariffs, quotas, and embargoes.
Tariffs tax imports, quotas limit quantity, embargoes stop trade completely
Compare how literacy, natural resources, and entrepreneurship all impact growth.
Literacy improves skills, resources provide wealth, and entrepreneurs create jobs and innovation
(Or close enough)
This productive resource is often absent, or hampered, in command-leaning economies
Entrepreneurship.