Economic Systems
Government controls everything.
What is Command Economy?
Government ruled by one person. The people have no rights.
What is Autocratic?
The total dollar value of the goods and services produced in one year.
What is GDP (Gross Domestic Product)?
The percentage of people in a country who can read and write.
What is Literacy Rate?
The directions on a compass rose
What are north, south, east and west?
A combination of some market and some command.
What is a Mixed Economy?
Government where the people have lots of rights and are allowed to vote.
What is Democratic?
People who have ideas for new products, services, and businesses.
What are Entrepreneurs?
Money spent on educating and training a country's people.
What is Investment in Human Capital?
A map that shows boundaries between countries, states, and counties. It also shows cities and some major bodies of water.
What is a political map?
Based on customs and cultural traditions.
What is Traditional Economy?
Government where the people vote for a legislative group. The legislative group elect a Prime Minister.
What is Parliamentary?
Factories, machine, and technology needed to produce goods and services.
What are Capital Goods?
Investment in better machines, factories, and technology.
What is Investment in Capital Goods?
The line that divides the world into Eastern and Western hemispheres.
What is the Prime Meridian?
Based on supply and demand, buyer and seller.
What is Market Economy?
North Korea and Cuba have this kind of government.
What is Autocratic?
Materials that come from nature. Used in making goods.
What are Natural Resources?
The level of wealth (money) and material comfort that people have in a country
What is Standard of Living?
A map that shows landforms like mountains, deserts, and plains.
What are physical maps?
Three economic questions every country must answer.
What are "What to produce? How to produce? For whom to produce?
The United States has this kind of government.
What is Democratic?
The people who are educated and trained to make goods and provide services.
What is Human Capital?
What happens when a country's literacy rate goes up.
What is "The standard of living goes up?"
This divides the world into the Northern and Southern hemispheres.
What is the equator?