Economic Systems
Economic system where the competitive market determines the price of goods and there is little to no government control
What is Capitalism?
any activity that fulfills a human want or need and returns money to those who provide it.
What is a service?
What we use to measure the development of a country (not the indicators of a developed country).
A tax on an imported good.
What is a tariff?
Name three nonrenewable energy sources.
What are coal, natural gas, petroleum and nuclear energy?
economic system where the government controls some industry but there are still private ownership rights for other industries
What is Socialism?
The sector centered around manufacturing or turning raw materials into a finished product.
What is the secondary sector?
The three indicators the HDI focuses on to measure development.
What are economic, social and demographic?
This limits the amount of products that can be imported from other nations.
What is a quota?
Where the interregional shift in the US happened.
The shift went from the rust belt to the sun belt.
Economic system where there is total government control of all prices in a society.
What is Communism?
This sector is centered around a service being done for others.
What is the tertiary sector?
This is the level of wealth, comfort, material goods, and necessities available to a certain group or area
What is the standard of living?
Countries do not want to import products. Instead, everything is produced inside of the country.
What is protectionism or self-sufficiency?
home-based manufacturing
What is the cottage industry?
Name two advantages of a capitalist economy.
Efficient response to changing marketplace conditions
Variety of goods and services
Freedom of choice for consumers and producers
Growth and innovation
This is the sector surrounding knowledge and information processing.
What is the quaternary sector?
This measures the extent of inequality in a country.
What is the Inequality Human Development Index and the Gender Inequality Index?
When a nation erects temporary trade barriers that protect a young industry and allow it time become internationally competitive,
this is known as…
What is the infant industry argument?
a series of improvements in technology that allowed for greater and faster manufacturing of goods (examples: factories, mills, etc.)
Name two disadvantages in a Capitalist economy.
Winners and losers
Unfair/unethical practices could exist without any checks
Individual’s wealth impacts what they can/cannot purchase or do
This is the sector with the highest-level decision-making in government and private sectors
What is the quinary sector?
This is what the HDI focuses on when measuring the demographics (health) of a country.
What are IMR (infant mortality rate), NIR (natural increase rate), CBR (crude birth rate)?
Name two critics of fair trade.
- loss of jobs at home
- environmental problems
- labor standards
- intellectual property
- income inequality
This was an invention that made it quicker and easier to produce clothing.
What was the spinning jenny?