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What are the 4 main types of economic systems?
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What is an example of a Traditional system?
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Economics
| Question | Answer |
|---|---|
| What are the 4 main types of economic systems? | Traditional, Command, Market, Mixed |
| What is an example of a Traditional system? | Inuit Tribe |
| What is an example of a Command system? | North Korea |
| What is an example of a Market system? | NONE |
| What is an example of a Mixed system? | United States |
| Which word answers these 3 questions? -What to __________? -How to ________ it? For whom to _______? | Produce |
| What is a Traditional system based on? | customs and traditions |
| Who owns the resources in a traditional system? | all members of the economy |
| Who keeps the profit in a traditional government? | There is NO MONEY!!! The goal is to survive!!! |
| Define economics. | Economics is the study of production, distribution, and use of goods or services. |
| Define bartering. | Bartering is the exchange of one good for another. |
| Describe a Command system.Who tells people what to do? What things do this person decide on? | The government decides what goods are made and how they're made. |
| In a Command government, who owns the resources? | The Government |
| In a Command government, who owns the profit? | The Government |
| Communism is a Command example. Describe Communism. | Type of Command economy where everyone is equal.(...in theory) |
| In a Communist system, who owns the resources? | Everyone shares equally(... in theory) |
| In a Communist system, who keeps the profit? | Everyone shares equally(... in theory) |
| Socialism is a Command example. Describe Socialism. | Type of Command economy. Most businesses are owned and run by the government. |
| In a Socialist system, who owns the resources? | Everyone(...but really the government) |
| In a Socialist system, who keeps the profit? | The government decides who gets what. (distributes) |
| Describe a Market system. | An Economy that operates by voluntary exchange in a free market and is not planned or controlled by a central authority. |
| Define Capitalism. | An economic system in which private owners control the production of goods and profit. |
| In a Market system, who owns the resources? | The people (individuals) |
| In a Market system, who keeps the profit? | The people (individuals) |
| Define supply. | The quantity of a product or service in a market and avalie for purchase. |
| Define demand. | The desire to purchase with power to do so. |
| Define a Mixed economy. | Combination of a market and a command economy. |
| Does the government control any part of the economy? | YES |
| Fill in the blank. The government can issue __________. | Regulations |
| What is a regulation? | a law/ rule |
| True or False.: Germany has an economy that's closer to Command than Russia. | False |
| True or False.: UK has an economy that's closer to Market than Russia. | True. |
| Russia US UK Germany: Out of the 4 countries above, which one has an economic system that is closest to a Market system? | US |
| Russia US UK Germany: Out of the 4 countries above, which one has an economic system that is closest to a Command system? | Russia |
| Define embargo. | A ban on trading with other countries due to political issues. |
| Define tariffs. | A special tax. |
| Define quota. | Limits on the amount of foreign goods they buy. |
| What is GDP? | The total amount of final goods and services produced in a country per year. |
| What is a human resource? | People who perform labor, invested by training and education |
| What is a capital good? | An item needed to perform a job |
| What is a natural resource? | Resources that come from nature |
| What is an entreprenuer? | A person with ideas that take risks to start a business |
| What is Standard of Living? | How well citizens live |
| What is Literacy Rate? | The percentage of people in a country who can read and write. |
| What is Specialization? | Producing and providing services you do best |
| What is Oppertunity Cost? | Value of what is given up when a choice is made. |
| Give 2 examples of capital goods. | Ovens, mills, lawn mower, leaf blowers, etc. |
| Name 2 examples of natural resources. | Trees, crops, water, coal, petroleum, etc. ( anything that comes from nature) |
| What are 3 ways countries could invest in human resources? | education, health, and training |
| What is currency? | money |
| What is exchange rate? | how much one currency is worth in terms for another |
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