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economics study guid
| Question | Answer |
|---|---|
| What are the three basic questions all economic systems must answer? | What to produce,how to produce,for whom to produce |
| what are tariffs and how do countries use them to protect their economies? | tariffs are taxes put on goods;tariffs are often created to protectdeveloping economies,but are also used by more advanced economies with developed industries. |
| what type of economy does north korea have? | command economy |
| what are capital goods? | goods that are used in producing other goods,rather than being bought by consumers. |
| what are some industries that the nation of india specializes in? | technology and manufacturing |
| what is the purpose of the currency exchange system? | currency exchange is the process by which travellers can obtain currency by exchanging notes and coins from their country of origin for the local currency of their destination |
| how has the chinese government changed its attitude towards entrepreneurs? | the government has become more open to the idea of allowing some free enterprise. |
| how has japan's lack of natural resources affected it's economy? | they have to depend on other countries;owing to which the farmer has to invest a lot of monetary resources in the trade. |
| what is a natural resource? List atleast five exmaples of natural resources | natural resources are those material and substances ,which occur naturally in the enviroment.Air,oil,coal,hydro-electric energy,wind energy,and water. |
| Define the term entrepreneur.How do entrepreneurs affect a country's economy? | A person who takes a risk to start their own business.Productive entrepreneurs can invigorate the economy by creating jobs and new technologies,and increasing productivity. |
| how does globalizationaffect the economy of a country?that is how can the economic problems in one country affect the economy of another country? | Globalization can effect the c=economy;the result of that is interdependence. |
| How can communism affect the economy of a country? | it affects the nation's economy,since it's main focus is the economy.Their is no private ownership of business,no real competition.Factories make what the government says to make. Stores sell what they are told to sell. |
| how does one read continuum? | its read in a sequence |
| Define the term human capital.How can it affect a nation's economy. | the skills knowledge,and experiencepossessed by an individual or population,viewed in terms of their value or cost to an organization or counrty.it can affect a nation's economy because more people are working and more citizens have jobs. |
| define the term GDP. | the monetary value of all finished goods and services produced within a country's borders in a specific time period through GDP is usually calculated on an annual basis. |
| List all types of trade barriers. | Tariff,Embargo,Quota. |
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200315405
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