Types of Economic Systems
Almost all economies fall on a spectrum between the other economic systems.
What is a Mixed Economy
A pro of this type of economic system is that is is self contained, needing little or no help from other economies.
What is a traditional economy
Negative side effect of increased productivity after industrial revolution
What is pollution
A measure of a nations total productivity, by measuring all goods and services produced within it's borders
What is GPD?
A system for how goods and services are produced and distributed in a society.
What is an economy?
Traditional, Command, Market and Mixed
What are 4 types of market systems?
Cons of this market is people have little freedom and motivation to work hard
What is Command economy
The invention that was used to power everything from the factory to the railroad locomotive
What is the steam engine?
A measure of the productivity of each individual living in a particular country
What is GDP per capita?
Everything we buy or sell can be divided into these two categories.
What are goods and services?
Economic system not based on currency, using barter as an inefficient means of exchange
What is a traditional economic system
Pro of this market economy is full employment, everyone has healthcare and housing
What is a command market system
The Indusrial Revolution began in this country, partly due to the fact that there is an abundance of coal.
What is England/Great Britain?
In Bhutan this measurement of wealth is considered more important than GDP
What is Gross National Happiness?
A system of money used in a particular country
What is currency?
All economic decisions are made by a central authority, usually the government
What is a command system
A pro of this system is it leads to innovation, greater product diversity and quality
what is a market economy
This con of the Industrial Revolution forced workers into dangerous, harmful jobs that prevented them from attending school.
What was child labor?
The productivity of a country's factories located in another country are counted in the countries GDP
What is false?
All types of businesses that are related to the same good or service
What is Industry?
Economic decisions are left to the interactions of buyers and sellers in the market place. Government has limited role. Driven my the concept of supply and demand
What is a market Economy
A pro of this economy is that countries can choose the parts of other economies that work best for them.
What is a mixed economy
The Industrial Revolution was the movement of economies to be based on manufacturing and away from an economy based on this.
What is agriculture?
This term ranks countries wealth NOT based on economic factors, but based on social and health factors, including: Religious freedom, Availability of electricity and clean water, Life expectancy, Gender equality, How they treat minority populations, Violence/crime rates, Environmental pollution, And many, many more!
The U.S. is ranked 25th
What is Social Progress Index
Money & man-made objects owned by a business to help make a product or perform a service
What is Capital?