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Economic Systems 1
6th Grade Social Studies: Unit 6 - Economic Growth
| Question | Answer |
|---|---|
| What are the 4 types of economic systems? | Command Economic System, Market Economic System, Mixed Economic System, Traditional Economic System |
| Define: Command Economic System | GOVERNMENT decides what goods will be produced, how they will be produced, and how they will be distributed. |
| Define: Market Economic System/ Free Enterprise | allows business owners to compete in market with little government control. When the owner decides everything about the business, it is called capitalism). |
| Define: Mixed Economic System | Economic system that has features of command and market systems. |
| Define: Socialism | economic system in which the government owns some or all factors of production. |
| Define: Traditional Economic System | system in which social roles and culture determines how goods are made, sold, and bought. |
| What are 4 types of economic productive resources? | capital goods, human capital, entrepreneur, and natural resources |
| Define: Capital goods | Resources such as factories, machines and tools that people use to make other goods. |
| Define: Human capital | Value that humans bring to the marketplace Human capital includes education, training, skills, and healthcare of the workers and the value that they bring to the country’s economy |
| Define: Entrepreneur | Someone who brings together labor, land and capital goods to produce goods and services They take the risk to start and operate a business |
| Define: Natural resources | Raw materials that are used to support life and make goods |
| Define: Economic Growth | increase in value of all goods and services a country makes from 1 year to another. |
| Define: Currency | Money in any form that is accepted as a medium of exchange, but especially applies to paper money. |
| Define: Currency exchange | A place or situation where money from different countries is bought and sold for a price. |
| Define: Investment | Use of income today that allows for growth in the future. |
| Define: Scarcity | word used to describe conflict between people’s desires and limited amount of resources. |
| Define: Supply and Demand | Economic concept that states the price of a good rises or falls based on how many people want it (demand), and how much of the good is available (supply). |
| Define: Gross Domestic Product (GDP) | the total amount of final goods and services produced in one year within a country |
| Define: Literacy Rate | The percentage of people who can read and write in a certain country (over the age of 15). |
| Define: Needs | the basics that everyone must have such as food/water, clothing and shelter |
| Define: Wants | are things not necessary for survival, but we’d sure like to have them |
| Resources can be divided into what three different groups? | land, labor and capital |
| Provide examples of land resources | soil, plants, water, animals |
| Provide examples of labor resources | farmers, construction workers, factory workers, teachers |
| Provide examples of capital resources | machines, buildings, tools, money |
| Define: land resources | things found in nature, natural resources, such as minerals, water, trees and land itself |
| Define: labor / human resources | the people who would be doing the work with their hands and minds |
| Define: Capital resources | the goods used to make other goods |
| Natural Resources + Human Resources + Capital Resources = ? | Goods and Services |
| Define: Goods | things that you can hold or touch. They have to be made or grown. |
| Define: Service | an action that a person does for other people. One has to be trained to provide the service |
| Define: economic system | describes how a country’s economy is organized |
| Why does every country needs a system to determine how to use its productive resources? | because of the problem of scarcity |
| What 3 questions must an economic system answer? | 1. What to produce? 2. How to produce? 3. For whom to produce? |
| The __________ a country’s GDP, the better the country’s standard of living | higher |
| What is standard of living? | The quality of life of the people within a country The higher a country’s GDP, the better quality of life – standard living increases |
| What are the 4 factors that lead to a country’s economic growth? | Natural Resources Human Capital Capital Goods Entrepreneurship |
| Why is it beneficial for a country to have an abundance of natural resources? | Important to countries: without them, countries must import the resources they need (costly) If a country has many natural resources, it can also trade them with other countries and make money for the economy |
| Why should countries invest in developing human capital? | Nations that invest in the health, education, & training of their people will have a more valuable workforce that produces more goods & services |
| Why should countries invest in developing capital goods? | The more capital goods a country has = the more goods & services they are able to produce = the more money they can make |
| How does entrepreneurship influence economic growth? | *Entrepreneurship creates jobs and lessens unemployment *Encourages people to take risks, and in doing so, they create better healthcare, education, & welfare programs *The more entrepreneurs a country has, the higher the country’s GDP will be |
Created by:
Engle Family
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