Economic Systems Around the World
This economic system is often found in communist countries like North Korea.
What is a command economy?
This allows countries to focus on producing what they are best at and trade for other goods.
What is specialization?
The skills and education of workers are examples of this type of capital.
What is human capital?
Australia's economic system is closest to this type on the economic continuum.
What is a market economy?
This is the ability of a person to read and write.
What is literacy?
In this system, consumers and producers make decisions based on supply and demand.
What is a market economy?
This type of trade barrier is a tax on imported goods.
What is a tariff?
Investing in machines, tools, and factories increases this economic measurement.
What is GDP or GDP per capita?
Australia trades heavily with this country, its number one trading partner.
What is China?
These are the three things every economy must decide.
What to produce, how to produce, and for whom to produce?
In this system, the government makes all decisions about what to produce, how to produce it, and for whom.
What is a command economy?
This type of trade barrier limits the number of goods that can enter a country.
What is a quota?
The more literate a population is, the higher this tends to be.
What is the standard of living?
Australia's government limits some imports to protect local businesses. This is an example of what?
What is a quota?
In a market economy, this group decides what to produce. Be specific.
Who are consumers?
The United States, Australia, and Canada all use this blended economic system.
What is a mixed economy?
A country might use this trade barrier during a conflict or to make a political statement.
What is an embargo?
This type of person starts businesses, takes risks, and creates new goods or services.
What is an entrepreneur?
One reason for Australia’s strong economy is its rich supply of these.
What are natural resources?
If Australia wants to sell goods to Japan, they must do this to their currency.
What is exchange it?
A mixed economy includes parts of these two pure economic systems.
What are command and market economies?
If the U.S. dollar is exchanged for Australian dollars, this process has taken place.
What is currency exchange?
A country with few schools and a low literacy rate is likely to have this.
What is a low standard of living?
Australia’s entrepreneurs and business owners help grow the economy by doing this.
What is creating jobs?
A nation with a high literacy rate tends to have more of these types of jobs.
What are skilled or professional jobs?