Show:
Ch. 6 Economic Systems
Ch. 6 Economics Systems
Ch. 7 Economic Growth
Ch 8. Global Trade
100
A mixed economy.
Which economic system is a blend of both command and market systems?
100
The government.
In a command economy, which group answers the three basic questions of economics?
100
G.D.P (gross domestic product).
What is the name for the total dollar value of goods and services produced in one year within a country?
100
Specialize (specialization).
When countries use the resources that are easily found and affordable within country, what is this action called?
200
A traditional economy.
Which type of economic system, usually tribal, which has characteristics of customs passed down through the generations?
200
A Mixed System.
What type of economics system takes place currently in the United States?
200
Human capital, natural resources, capital goods, entrepreneurship.
What are two of the four productive resources within a country?
200
Interdependence.
When countries rely on each other for trade, protection, etc. this is called?
300
What to produce? How to produce? For whom to produce?
What are the 3 basic economic questions a country must answer?
300
A blend of market forces (citizens) and the government.
In a mixed economy, who answers the three basic economic questions?
300
By looking at charts which measure the G.D.P each year in a country.
How can a country tell if it's GDP is shrinking or growing?
300
Tariff, Embargo, Quota.
List two of the three trade barriers that can exist between countries.
400
A Command Economy.
Which economics system operates by direct and total government control?
400
Businesses have private (citizen) ownership.
In a market economic system, which group owns all businesses?
400
Natural Resources
What are resources that come from the earth?
400
Many reasons: War, tension, to receive payment or debt, etc.
Why might a country set up a barrier of trade against another country?
500
Scarcity
What term best describes the limited number of resources in a country or in the world?
500
Mixed system.
Most countries in the world have which type of economic system?
500
Human capital are employees/working persons and capital goods are non-human producers like machines, factories, etc.
What is the main difference between capital goods and human capital?
500
Currency.
The particular type of money/dollar in a country.