Economic Systems
Economic Sectors
Industrialization & Resources
Human Development Index
Globalization
100
Who decides WHAT HOW AND WHO in a Free Enterprise economic system?
What: Businesses, supply and demand
How: Businesses decide
Who: consumers who buy it
100
What type of jobs occur in the primary sector?
Basic production of resources (farming, mining, fishing, forestry)
100
In a cottage industry, goods are made in the--
Home
100
Describe Less developed countries
Mostly agricultural, low standard of living, not advanced in technology
100
What is Globalization?
the process of becoming more connected to other countries through technology and economy
200
Who decides WHAT HOW AND WHO in a Command economic system?
WHAT, HOW, and WHO: The Government decides it all!!
200
What types of jobs occur in the secondary sector?
Production of goods (manufacturing, industry, construction)
200
In a commercial industry, goods are made in--
factories
200
Describe Newly Industrialized countries
Beginning to advance in technology, industry. Urban areas have a higher standard of living
200
List 3 things that help the world become more connected
Internet, travel (airlines), popular entertainment/culture, advertising, TV/Movies, cell phones (telecommunication apps)
300
Who decides WHAT HOW and WHO in a Mixed economy?
What: Businesses, supply and demand
How: Businesses and the government
Who: Consumers who buy it
300
What types of jobs occur in the tertiary sector?
Services performed for others (restaurants, banks, health care)
300
What is industrialization?
Transition from rural/farming society to an urban/factory society
300
Described More Developed countries
More advanced in technology and social structures. High standard of living in urban and rural areas
300
People now obtain many products from other countries based on their resources and specialization.
400
Between Free Enterprise, Mixed Economy, and Command, which system allows the MOST economic freedom?
Free Enterprise
400
What types of jobs occur in the quaternary sector?
Information (technology, data, education, research)
400
Which factors contributed to the beginning of the Industrial Revolution?
Population boom, Natural resources (iron, coal), and Factories
400
Define Gross Domestic Product (GDP)
The $$value$$ of goods and services produced by a country in a year.
400
What has been an effect of the growth of the Internet in recent years?
It is easier for people to communicate and exchange their ideas
500
What is the goal of Socialism?
A more equal distribution of wealth and resources in society
500
What are 3 elements of a traditional economy?
Hunting & Gathering
Subsistence Agriculture
The Barter System
Usually isolated
500
What is a benefit of commercial agriculture?
Large variety of products for sale
500
How does GDP, literacy rate, and life expectancy related to standard of living?
You can tell what the quality of life is like based on how much money the country makes, how many people can read and write, and how long they live.
500
What is an economic effect of globalization?
$$$ Growth, competition between countries and companies.