Miscellaneous
What are the three economic systems?
Traditional, command, market
least economically free country
North Korea
factories, machinery, and technology available in a country
capital goods
Kim Jong-un has spent most of his budget on _______________.
nuclear weapons/military
How does a command economic system answer the 3 economic questions?
The government answers all questions
this country has the 2nd highest overall GDP in the world
China
education, skills, and training the workers have
human capital
tax on imported goods
tariff
What are the 3 economic questions that are asked when studying economies?
What to produce, How to produce, for whom to produce
this country has the lowest literacy rate
India
the total value of all goods and services produced within a country
GDP
In response to North Korea's involvement with nuclear weapons, many countries have placed a(n) _________________ on them.
embargo
this has been a constant problem for India
unemployment
The economies of most democratic nations are ___________.
MIXED!!!!
The location of this country allows it to easily exports products to Europe
Turkey
producing those goods a country can make most easily so they can trade them for goods made by others that cannot be produced locally
Specialization
a limit on the amount of imported goods
quota
Poor economic decisions about how to organize farming in North Korea have resulted in many years of ________________.
famine
In a traditional economy, how are economic decisions made?
Based on past traditions and customs
these two countries were the most economically free
South Korea and Japan
these people take risks by creating a new product and starting their own business
entrepreneur
deserts and mountains are examples of this type of trade barrier
physical trade barrier