Canada
Define economic system.
How a country manages resources and produces goods.
What type of economy does Australia have?
Mixed economy.
What type of economy does Latin America have?
mixed economy
What type of economy does Europe have?
mixed economy
Explain traditional Economy
Where there is no money, they barter for what they need. They hunt and gather what they need to survive.
What type of economy does Canada have?
Mixed market economy
Explain Entrepreneurs.
A person who takes risks to start and run their own business.
Latin America country who has an embargo placed on them by the USA.
Cuba
Who is in charge of a command economy?
The government.
Define GDP
The total goods and services that a country makes in a year.
When a country focuses on a few things to create so that they can make them quickly and make lots of money off of them, they ______ in this product.
Specialize
In Australia, is it easy to become a business owner/ own a business?
Yes, it is a very easy process. It takes about a week.
What is a tariff?
A tax that is placed on goods brought into one country from another.
How does the natural resources of a country help the economy?
The more natural resources a country has the more money they can make by selling them to other countries, which helps the economy
What is the GDP per capita?
The amount the average person makes in a year. (GDP divided by the population).
If a country invests in their human capital(education), will they have a high GDP per capita?
Yes, they will also have a high literacy rate.
Define Human Capital.
What is an embargo?
A ban on trade with a specific nation or group of nations.
What three questions every economic system has to answer.
1. What to produce? 2. How to produce it? 3. Whom to produce it for?
What is a literacy rate?
The percentage of adults who can read and write.
What two physical features are used to for transporting materials and natural resources to USA and Europe from Canada?
The St. Lawrence river and Great Lakes.
The group of people in Australia who practice a traditional economy.
Aboriginals
Latin American country with healthiest economy
Brazil.
Does Europe's economy depend on natural resources? If so, what are these resources?
Coal, oil, iron ore, forests, natural gas and minerals
What are the types of economies?
Command, traditional, market and mixed.