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Social Studies

Economy around the world

QuestionAnswer
What are the four main types of economic systems? Traditional Economy,Command Economy,Market Economy, and Mixed Economy.
What is an example of a Traditional Economy? Inuit Villages.
What is an example of Command Economy? North Korea and Cuba.
What is an example of Market Economy? No pure Market Economy.
What is an example of Mixed Economy? United States.
What is a good definition for Traditional Economy? Based on customs and traditions.
An economic system must answer what three basic questions? What to Produce?, How to Produce it?, and For Whom to Produce?
What is the definition for Economics? Social Science that deals with the production, Distribution,and Consumption of goods and services.
Who owns the resources in a Traditional Economy? All members of the Economy and hunter gathers.
Who keeps the Profits in a Traditional Economy? There are no money profits the goal is to survive.
What is a description for Command Economy? government decides everything about Economy!
What are two examples of Command Economy? Cuba and Soviet Union!
What is a definition for Bartering? The exchange of one good for another.
What is the defintion for Command Economy? Government decides what goods are madeand how they will be made.
Who owns the resources in a Command Economy? The Government!
Who keeps the profits in a Command Economy? The Government!
What is the defintion of Communism? A type of command economy where everyone is equal. (in theory).
Who owns the resources in a communism government? Everyone shares equally (in theory).
Who keeps the profit in a communism government? Everyone shares the profit (in theory).
What are two command examples? Communism and socialism.
How many Countries have a pure Market Economy? Zero, There are no countries with a pure market economy.
What is the description for a Market Economy? Government is voluntary operates as a free market.
What is the definition for Capitalism? economic system in which private owners control the production of goods and profit.
What is a definition for Socialism? A type of command economy most businesses are owned and run by the government.
In a Socialism Economy Who owns the resources? everyone (really government)
In a Socialism Economy Who keeps the profit? government decides who gets what (distributes)
What is the definition for a Market(Capitalism) Economy? economy that operates by voluntary exchange in a free market and is not planned or controlled by a central authority, a capitalistic economy.
In a Market (Capitalism) Economy who owns the resources? The people: Individuals
In a Market (Capitalism) Economy who keeps the profits? The people: Individuals
What is the definition of supply? Quantity of a product or service in market and available for purchase.
What is the definition of demand? desire to purchase with power to do so.
What might happen if the demand for a new type of sneaker began rising quickely? The sneaker company would raise the price of sneakers.
According to the law of supply and demand, when will companies produce more of a product? When they can sell it for a higher price.
What is neither a good or service? A $20 dollar bill.
The equilibrium point is at the confluence of the supply and demand curves. What does "confluence" mean? intersection.
Who would set the equilibrium point for the price of a new type of sneakers? It is set by the market forces.
Why do prices go down when consumers start saving their money? Consumers become less willing to spend money on goods and services.
What is an Embargo? banning trade with another country due to political issues.
What is a Tariff? special tax on foreign goods.
What is a Quota? limit of the foreign goods they buy or let into their country.
What is a Human Resource? People who perform labor, invest by training, and education.
What are Capital Goods? Items that people need to perform their jobs, invest in it by updating machinery.
What are Natural Resources? Resources that are made from nature.
What are Entrepreneurs? People with ideas that will take risks to start a business.
What is likely to happen if the price of a new pair of sneakers went up? Demand for sneakers would decrease!
What factor is most likely to cause an increase in demand for a new type of automobile? A commercial in which the car is endorsed by a popular celebrity in it.
Which condition would lead to the highest prices? low supply and high demand!
When do we say that a market has cleared? When supply and demand balance out!
What is an export? The taking of goods out of a country!
What is an import? The bringing in of goods into a country.
Name three ways a company can invest in human capital? Providing them with health,education, and training.
What is the definition for Capitalism? Economic system in which private owners control the production of goods and profit.
What is supply? Quantity of a product or service in market and available for purchase.
What is demand? desire to purchase with the power to do so.
What is the GDP ( Gross Domestic Product)? the total value of goods and services produced by a country in one year.
What is the Standard of Living? the level of wealth and comfort people have in a particular society.
What is literacy rate? The percentage of people who can read and write.
What is specialization? The limiting of ones study or work to one particular area.
What is opportunity cost? Value of the action you don't choose, when choosing between two or more things.
What is currency? Money!
What is exchange rate? rate at which money of one country can be changed for money of another country!
What are two examples of natural resources? Trees and fruit.
What are three ways a country can invest in its human resources? By investing in its human resources, training their human resources, and providing education in its human resources.
What are two examples of capital goods? Factories,machinery, and technology.
Created by: 200346540
 

 



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