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Economy

Types of Economies

QuestionAnswer
GDP (gross domestic product) - the yearly income of an average family in a given country.
Literacy rate – the % of people who can read and write in a given country
Life expectancy – the # of years an average person is expected to live in a given country
Infant mortality rate – the % of infants who die per 1000 births in a given country
Economic System - the way in which people meet their needs through production, distribution, and consumption of goods
COmmand Economy - an economic system in which the government makes decisions about what to produce. - in COntrol
Free Market Economy - an economic system in which individuals and businesses make most decisions about what to produce - free to choose
Communism A political and economic system in which all property and wealth is collectively owned by all members of society. Ex. North Korea
Socialism An economic philosophy that calls for property to be owned by society as a whole. Ex. France
Mixed Economy An economic system in which both the government and individuals play important roles about what to produce. Ex. China
Free Market An economic system in which the means of production are mostly privately owned and operated for a profit. Ex. United States
Benefits of Free Economy People have choices, individuals create businesses, more competition
Agriculture The cultivation of land, raising crops, and feeding, breeding and raising livestock. Examples: Crops, Lumber, Cattle
Wholesale The sale of goods in quantity to retailers for resale. Examples: Clothes, Furniture, Paper goods in large quantity
Retail he sale of goods individually or in small quantities to consumers. Examples: Clothing store, Furniture store, Drugstore
Manufacturing The making of goods or wares by manual labor or by machinery, especially on a large scale. Examples: Cars, Steel, Chemicals
Service Industry An industry that produces services rather than goods. Examples: Waitress, Doctors, Teachers
Created by: teachyoung
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