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World Economy

review vocabulary terms

QuestionAnswer
In what level of economic development are most people in when they live a subsistence lifestyle: growing only enough food for themselves and their families? developing
In which economic system do people get their resources handed down from generation to generation? traditional or subsistence
In which economic system are people allowed a great deal of individual freedom and are financially rewarded for their hard work? capitalism or market
In which economic system does the government collect taxes to pay for programs that will benefit all citizens? socialism or mixed
Countries that have a wide variety of economic activities, but rely heavily on technology and services while providing their citizens with a high standard of living are in what level of economic development? developed
The population in Brazil's rural areas is decreasing while the population in the urban areas continues to rise. The overall standard of living for most people is also increasing. What level of economic development is Brazil in? newly industrialized
Josh and Sadie live in a country that has a fairly high tax rate to support a large government which in turn provides all citizens with free education, welfare, healthcare, and social security. What type of economic system do Josh and Sadie have? socialism or mixed
What level of economic development is a poor agricultural country with few material goods and a high population growth rate in? developing
In what level of economic development is most industry done by hand? developing
In what level of economic development do people have a shorter life expectancy? developing
In what level of economic development are people less educated? developing
In what level of economic development do people earn less than $3000 per year? developing
In what level of economic development are poverty rates high and the majority of people do not have their basic needs met? developing
In what level of economic development are countries like Afghanistan, Madagascar, Nepal, Haiti in? developing
What level of economic development are countries in when they rely less on agriculture and manufacturing is increasing? newly industrialized
In what level of economic development do countries experience rapid economic growth? newly industrialized
In what level of economic development would you find many people moving to the cities to find jobs? newly industrialized
In what level of economic development do people have longer life expectancy as they gain better access to healthcare newly industrialized
Literacy rates are improved in which level of economic development as more people are able to attend school? newly industrialized
In what level of economic development are countries like Mexico, Brazil, China, and India in? newly industrialized
What level of economic development are countries in when they have a high level of advanced technology and wealth? developed
In what level of economic development are industries highly productive and profitable? developed
In what level of economic development do workers generally earn high incomes; more than $12,000 per year? developed
In what level of economic development are literacy rates nearly 100%? developed
In what level of economic development do people live the longest due to highly advanced healthcare systems? developed
In what level of economic development is most of Europe in? developed
In what level of economic development are countries like Canada, Australia, Japan, Israel in? developed
What indicator is used to show the development of a country's education system? literacy rate
What indicator is used to show the development of a country's healthcare system? life expectancy
What indicator is used to show the development of a country's technology? GDP (Gross Domestic Product)
In what economic system do consumers freely decide what they want? capitalism or market
In what economic system does the government make decisions on products? communism or command
What is the term used to describe how people use their natural resources to produce and sell goods and services? economic activity
What is the term used to describe the business of growing crops and raising livestock to provide people with food and other products? agriculture
In which economic activity do people grow things? agriculture
Farmers who only grow enough food for their family with little surplus are known as... subsistence farmers
Farmers who grow plenty of food and sell it to make profit are known as... commercial farmers
What is the term to describe the business of making products (usually in a factory) for a profit? manufacturing
In which economic activity do people make things? manufacturing
Making small items like lamps, shoes, televisions is known as... light manufacturing
Making large items like cars, planes, tractors is known as... heavy manufacturing
The type of economic activity farmers, ranchers, herders are in... agriculture
The type of economic activity welders, painters, assembly line workers are in... manufacturing
The type of economic activity teachers, bankers, doctors, clerks are is... service
What is the term to describe the business of doing things for other people for pay? service
The fastest growing economic activity in the world is... service
The economic activity that is most common in the world's poorest countries is... agriculture
The economic activity that is making a difference for the newly industrialized countries is... manufacturing
The economic activity that is found all over the world, but is used more in the world's wealthiest countries is... service
The term used to describe an organized way in which a country uses its resources for the production and exchange of goods and services. economic system
The economic system that is based on traditional beliefs, technology, and methods is... traditional or subsistence
The economic system in which people are doing things the way they've always been done is... traditional or subsistence
The economic system where resources are passed down from one generation to the next is... traditional or subsistence
The economic system in which people live a subsistence lifestyle, growing enough food for themselves and their family or community is... traditional or subsistence
The advantages of this economic system are: family and community ties are strong, everyone is provided for, life is stable and predictable, it is good for the environment... traditional or subsistence
In what economic system are new ideas, new technology discouraged resulting in a lower standard of living? traditional or subsistence
In what economic system is production of goods generally inefficient because most of the work is done the old way? traditional or subsistence
The Inuit of northern Canada are among the few communities that still have what type of economic system? traditional or subsistence
The economic system where private individuals freely choose what to buy and what to sell is... capitalism or market
The economic system that operates as a partnership between consumers and private businesses is... capitalism or market
Buyers and seller exchange goods and services in a "market" - which describes this economic system... capitalism or market
In what economic system do people make decisions that are in their own best interest? capitalism or market
In what economic system are all aspects of production privately owned? capitalism or market
In what economic system is there lots of individual freedom with little or no government interference? capitalism or market
In what economic system is there a large variety of goods and services resulting in a high degree of consumer satisfaction? capitalism or market
Supply and demand is common in which type of economic system? capitalism or market
Many people can achieve wealth in this type of economic system... capitalism or market
The economic system in which rewards are given to those who are productive, not for those who don't or can't work is... capitalism or market
The economic system where there is little incentive to do charity work is...` capitalism or market
The people of which community have the most individual economic freedom? Hong Kong
The government makes all major economic decisions for products, locations, and prices in which economic system? communism or command
The supporters of this economic system believe that the problems in society are caused by the unequal distribution of wealth... communism or command
The economic system where all resources are equally distributed is... communism or command
"Each man should contribute accordingly to his abilities, and receive according to his needs" describes which economic system? communism or command
The economic system based on the wish for equality and dislike of social classes is... communism or command
The economic system that believes that all farms and factories should be owned by everyone "the people" rather than by individuals is... communism or command
The economic system in which healthcare and other public services are available to everyone for little or no cost is... communism or command
The economic system in which the government guarantees everyone a place to work is... communism or command
The economic system that severely limits private property rights is... communism or command
The economic system in which consumers' basic wants and needs are ignored is... communism or command
The country that has the most communist economic system is... North Korea
Cuba has which type of economic system? communism or command
The founder of capitalism is... Adam Smith
The founder of communism is... Karl Marx
In which economic system does the government play a major role, making all decisions about how many manufactured goods will be produced and which farm products will be grown? communism or command
In which economic system does the government allow prices to fluctuate with supply and demand? capitalism or market
In which economic system are all resources owned and controlled by private individuals? capitalism or market
In which economic system are almost all resources owned and controlled by the government? communism or command
In which economic system are people allowed to own property including houses, land, and their own businesses? capitalism or market
In which economic system has all private property been abolished? communism or command
Hard work and education provide for more opportunities to earn higher wages and benefits are a key component in which economic system? capitalism or market
No rich and no poor; all profits are equally shared with all people is a key component in which economic system? communism or command
A company's profits belong to the private owner in which economic system? capitalism or market
Which economic system allows individual freedom with some government intervention? socialism or mixed
The economic system that is a cross between capitalism and communism is... socialism or mixed
The economic system that allows for both private and public ownership of resources and property is... socialism or mixed
The economic system in which the government regulates the markets to make sure the rights of the workers and consumers are protected is... socialism or mixed
The economic system in which the government uses a progressive tax system to charge the wealthy at a higher rate than the poor is... socialism or mixed
The economic system in which the tax money is used to ensure all citizens have the basic needs of housing, education, security, and healthcare is... socialism or mixed
The economic system in which the government allows a wide range of individual freedom but guarantees that all are provided for is... socialism or mixed
The economic system that nearly all countries in the world have is... socialism or mixed
The United States economic system is... socialism or mixed
Created by: Blue.geo
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