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Free market, no regulation, people owned economy
what is market economy?
Government-owned and controlled economy.
what is command economy?
Both command and market together, people owned with some government regulations.
What is a mixed economy?
A type of economy where ancestors decide what to produce, for whom to produce, and how to produce.
What is traditional economy?
What to produce
How to produce
For whom to produce
What are the 3 questions asked?
Efficient, no government, and consumers help the market.
What are 3 positives of a market economy?
People who purchase goods and services.
What is a consumer?
Investing in technology and machines.
what is investment in physical capital?
trades by bartering
how does a traditional economy trade?
Investing in Education Healthcare, standard of living, and Training
what is human capital?
study of countries making and spending and money
what is economics?
Trading goods for other goods;without money.
what is bartering?
USA is a..._____
what is an example of a mixed economy?
Someone who starts a business; taking a risk.
What is an entrepreneur?
the choice to make more of one thing than the other.
What is an opportunity cost?
synonym for capitalism
what is pure market?
If Saudi Arabia's government decides what to produce, how to produce, and for whom to produce. What type of economy do they have?
Command economy.
Something people use to purchase goods and services.
what is currency?
name 3 positives of a traditional economy
perseveres the history
no surplus
make what is needed
High literacy rate
Investing in resources
High standard of living
What can increase the GDP?
Human capital
Physical capital
Entrepreneurs
Infrastructure
what are 4 factors needed for economic growth?
List 3 positives of a command economy.
gov restores if fallen
low unemployment
low levels of inequailty
Mixed to market economic system
uses technology, agriculture, and tourism
gov' owns gas, electric, and aerospace
(name a county we learned about.)
What is Israel's economic system?
mixed market
uses textile and agriculture to provide
(name a country)
What type of economy does Turkey have?
Draw a continuum from command to market and place Israel, Saudi Arabia, and Turkey.
Saudi Arabia
Turkey
Israel