Extras
What is a traditional economy?
An economy based off of the honored traditions and products made by the family and the ancestors of the family.
An economic system that combines market, command, and traditional, economies
What is a command economy?
An economy where the government makes the key decisions such as, what to produce, how to produce it, who to produce for
What is a market economy?
An economic system in which production and prices are determined by unrestricted competition between
What economic system is Djibouti?
Mixed
specifically (semi-presidential, Republic)
Give an example of a traditional economy
Amish, Indigenous tribes in Alaska, Canada, Greenland, Africa, Asia, the Pacific Islands, the Amazon Rainforest, and the nomadic Sami people.
Give an example of a mixed economy?
Any economy basically...
Give an example of a pure command economy.
Trick question, there's no existing pure command economy today
Give an example of a pure market economy.
Trick question. There is none
Where is Djibouti?
Southeast coast of the Horn of Africa
Directly North of Ethiopia
Directly Southeast of Sudan
Is government regulation / deregulation a good thing?
Depending on how both are used they can both be good. For example, the regulation of safety gear in construction companies, or the regulation of the minimum wage. Another example would be the deregulation of airplanes, making them cheaper.
How does a Mixed Economy the broad social and economic goals of freedom, security, growth, efficiency, and stability?
Depends on where on the "mixed" spectrum it is.
How does a Command Economy the broad social and economic goals of freedom, security, growth, efficiency, and stability?
Freedom: Not much (Gov. decides, no freedom of choice)
Security: Much security (gov. safety net due to equity)
growth: Not Much (workers get lazy since whether they work hard or don't work, they still get paid the same)
efficiency: Much decent (can prevent mass unemployment and focus resources on necessities)
stability: much stable, although shortages become more and more frequent
How does a Market Economy the broad social and economic goals of freedom, security, growth, efficiency, and stability?
Freedom: Lots of freedom (freedom of choices)
Security: Not much security (no gov. safety net)
growth: Much growth (competition, innovation motivation
efficiency: much efficient (innovation motive, hard work= high rewards
stability: much stable (if workers work)
What is Djibouti's top 3 imports
(if you name one I'll count it, but because of that you'll have to say the exact word)
Fuel, food, machinery
How does technology improve economic growth.
Better technology=better efficiency
less work / same or bigger output
How does the economic system work with regard to private ownership, profit motive, consumer sovereignty, completion and government regulation.
All depends on where on the "mixed scale" it is. Answers vary greatly and since there are two options really any answer within reason will work.
How does the economic system work with regard to private ownership, profit motive, consumer sovereignty, completion and government regulation.
Private ownership: Not much
Profit motive: Not much
Consumer sovereignty: Not much
Government regulation: Much of
How does the economic system work with regard to private ownership, profit motive, consumer sovereignty, completion and government regulation.
Private ownership: Much of
Profit motive: Much of
Consumer sovereignty: Much of
government regulation: Not much
What is Djibouti's top 3 exports
(If you name one I'll count it)
coffee, salt, hides, dried beans, cereals, other agricultural products, chalk, and wax
How can investment in education lead to a higher standard of living?
If the education of a labor force is increased, they can become more efficient at what they do therefore decreasing the time used to make a product and / or increasing production
What are some issues / ways Djibouti's economic system can improve?
Higher focus on education, focus on more jobs for the high unemployment rate, (ex. 2021 with a 28.39% unemployment rate)