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Social Studies
Economic Systems
| Question | Answer |
|---|---|
| What 3 questions do you need to ask for economic systems? | What to produce?How to produce it? For whom to produce it? |
| Who owns the recources in a traditional economic system? | All members of the economy. Hunter gathers. |
| What is an example of a traditional economic system? | The Inuits |
| Give a description of traditional economic systems. | Based on customs and traditions. |
| What are the 4 main types of economic systems? | Traditional Economy, Command Economy, Market Economy, and Mixed economy |
| Who owns the resources into a command economy? | The Government |
| What is an example of a command economy? | Communism |
| What are two examples of communism? | Cuba and North Korea |
| What is bartering? | Trading one good in exchange for another good. |
| Who keeps the profit in a command economy? | The government |
| What is the description a communist economy? | Type of command economy in which everyone is equal. (In theory) |
| Who owns the resources in a communist economy? | Everyone shares equally (In theory) |
| Who keeps the profit in a communist economy? | Everyone shares equally (In theory) |
| What is capitalism? | Economic system in which private owners control the production of goods and profit. |
| How many market economies are there? | Zero!!! |
| Who owns the resources in a market Economy? | The people |
| What is supply? | Number of a product or a service in a market and available for purchase. |
| What is demand? | The desire to purchase with power to do so. |
| What is a tariff? | Special tax on foreign goods. |
| What is an embargo? | Ban on another country do to political issues. |
| What is a quota? | Limits on the amount of foreign goods they buy. |
| What is GPD? | Total amount of final goods and services produced in that country in a year. |
| What are 4 factors thet affect a GPD? | -Human Resources -Capital Goods -Natural Resource -Entrepreneurs |
| What is a human resource? | People who perform labor, invest by training and education. |
| What are capital goods? | Item that people need to perform their job, invest in it by updating machinery. |
| What are natural resources? | resources thet come from nature. |
| What are entrepreneurs? | People with ideas that are willing to take risks to start a business or make a product. |
| What is standard of living? | How well citizens live based on a good public services, education, health care, good jobs. |
| What is literacy rate? | Percent of people in a country who can read or write. |
| What is specialization? | Producing a service in what you do. |
| What is opportunity cost? | Value of what is given up when a choice is made. |
| What are 2 examples of capital goods? | -oven -lawnmower |
| What are two examples of natural resources? | -water -trees |
| What is exchange rate? | How much one currency is with in terms of another. |
| What is currency? | MONEY!!!!!i |
| What are 3 ways a country can invest in a human resources? | -education -training -Health |
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