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Economic Systems

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Page 1: Economic Systems. Mixed 2 Few countries have a pure market OR a pure command economy. Instead they are a mixture of both. This is because if it is mixed

Economic Systems

Page 2: Economic Systems. Mixed 2 Few countries have a pure market OR a pure command economy. Instead they are a mixture of both. This is because if it is mixed

2

Mixed

Page 3: Economic Systems. Mixed 2 Few countries have a pure market OR a pure command economy. Instead they are a mixture of both. This is because if it is mixed

3

Few countries have a pure market OR a pure command economy. Instead they are a mixture of both. This is because if it is mixed more towards a free-market, there is little government regulation. People could take advantage of that. If it is mixed more towards a command economy, the government control may keep the economy from growing.

Page 4: Economic Systems. Mixed 2 Few countries have a pure market OR a pure command economy. Instead they are a mixture of both. This is because if it is mixed

4

Command

Page 5: Economic Systems. Mixed 2 Few countries have a pure market OR a pure command economy. Instead they are a mixture of both. This is because if it is mixed

5

Government tells you what to produce, how to produce it, and who to produce it for. (not very successful- think North Korea)

Page 6: Economic Systems. Mixed 2 Few countries have a pure market OR a pure command economy. Instead they are a mixture of both. This is because if it is mixed

6

Market

Page 7: Economic Systems. Mixed 2 Few countries have a pure market OR a pure command economy. Instead they are a mixture of both. This is because if it is mixed

7

Consumers and supply and demand tell companies what to produce, how to produce it, and who to produce it for. (best to raise a country’s standard of living- guided by changing prices!)

Page 8: Economic Systems. Mixed 2 Few countries have a pure market OR a pure command economy. Instead they are a mixture of both. This is because if it is mixed

8

Traditional

Page 9: Economic Systems. Mixed 2 Few countries have a pure market OR a pure command economy. Instead they are a mixture of both. This is because if it is mixed

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Tradition, ritual, and custom tells people what to produce, how to produce it, and who to produce it for.

Page 10: Economic Systems. Mixed 2 Few countries have a pure market OR a pure command economy. Instead they are a mixture of both. This is because if it is mixed

TradeBarriers

Page 11: Economic Systems. Mixed 2 Few countries have a pure market OR a pure command economy. Instead they are a mixture of both. This is because if it is mixed

11

Embargo

Page 12: Economic Systems. Mixed 2 Few countries have a pure market OR a pure command economy. Instead they are a mixture of both. This is because if it is mixed

12

Restriction of Trade for political purposes. An attempt to punish or manipulate a country for doing something wrong.

Page 13: Economic Systems. Mixed 2 Few countries have a pure market OR a pure command economy. Instead they are a mixture of both. This is because if it is mixed

13

Quota

Page 14: Economic Systems. Mixed 2 Few countries have a pure market OR a pure command economy. Instead they are a mixture of both. This is because if it is mixed

14

a limit on the amount of goods that can be imported from a certain country. protects local manufacturers and producers, balances trade and limits competition

Page 15: Economic Systems. Mixed 2 Few countries have a pure market OR a pure command economy. Instead they are a mixture of both. This is because if it is mixed

15

Tariff

Page 16: Economic Systems. Mixed 2 Few countries have a pure market OR a pure command economy. Instead they are a mixture of both. This is because if it is mixed

16

a tax on imported goodsa way to discourage a country's consumers from buying products from another country and to support domestic products and services.

Page 17: Economic Systems. Mixed 2 Few countries have a pure market OR a pure command economy. Instead they are a mixture of both. This is because if it is mixed

Factors of Productio

n

Page 18: Economic Systems. Mixed 2 Few countries have a pure market OR a pure command economy. Instead they are a mixture of both. This is because if it is mixed

18

Human Resources

Page 19: Economic Systems. Mixed 2 Few countries have a pure market OR a pure command economy. Instead they are a mixture of both. This is because if it is mixed

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Labor, skilled workers- the people that it takes to make an economy work AKA- human capitaleducation, skills and experience

Page 20: Economic Systems. Mixed 2 Few countries have a pure market OR a pure command economy. Instead they are a mixture of both. This is because if it is mixed

20

Natural Resources

Page 21: Economic Systems. Mixed 2 Few countries have a pure market OR a pure command economy. Instead they are a mixture of both. This is because if it is mixed

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Gifts from nature that help make an economy grow

Page 22: Economic Systems. Mixed 2 Few countries have a pure market OR a pure command economy. Instead they are a mixture of both. This is because if it is mixed

22

Capital Resources

Page 23: Economic Systems. Mixed 2 Few countries have a pure market OR a pure command economy. Instead they are a mixture of both. This is because if it is mixed

23

Tools, machinery, technology used to make and economy grow

Page 24: Economic Systems. Mixed 2 Few countries have a pure market OR a pure command economy. Instead they are a mixture of both. This is because if it is mixed

Infrastructure

Page 25: Economic Systems. Mixed 2 Few countries have a pure market OR a pure command economy. Instead they are a mixture of both. This is because if it is mixed

The basic equipment and structures (such as roads

and bridges, power plants, buildings) that are needed

for a country, region, or organization to function properly (capital goods)

Page 26: Economic Systems. Mixed 2 Few countries have a pure market OR a pure command economy. Instead they are a mixture of both. This is because if it is mixed

26

Entrepreneur

Page 27: Economic Systems. Mixed 2 Few countries have a pure market OR a pure command economy. Instead they are a mixture of both. This is because if it is mixed

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A person with an idea who takes risks to start a business in order to make a profit-*important to economies because they create jobs

Page 28: Economic Systems. Mixed 2 Few countries have a pure market OR a pure command economy. Instead they are a mixture of both. This is because if it is mixed

28

Specialization

Page 29: Economic Systems. Mixed 2 Few countries have a pure market OR a pure command economy. Instead they are a mixture of both. This is because if it is mixed

29

When a country does one thing very well, and trades with other countries to get the rest

Page 30: Economic Systems. Mixed 2 Few countries have a pure market OR a pure command economy. Instead they are a mixture of both. This is because if it is mixed

30

Gross Domestic Product (GDP)

and GDP (per Capita)

Page 31: Economic Systems. Mixed 2 Few countries have a pure market OR a pure command economy. Instead they are a mixture of both. This is because if it is mixed

31

The total market value of all goods and services produced in a country in a year-

GDP per capita is the division of the GDP by the total population

Page 32: Economic Systems. Mixed 2 Few countries have a pure market OR a pure command economy. Instead they are a mixture of both. This is because if it is mixed

CurrencyExchange

(Why do we have a system of currency exchange?)

Page 33: Economic Systems. Mixed 2 Few countries have a pure market OR a pure command economy. Instead they are a mixture of both. This is because if it is mixed

It allows us to consistently express the value of an item

across borders. Need exchange rates because

one nation's currency is not always accepted in another.

Page 34: Economic Systems. Mixed 2 Few countries have a pure market OR a pure command economy. Instead they are a mixture of both. This is because if it is mixed

Standard of Living

Page 35: Economic Systems. Mixed 2 Few countries have a pure market OR a pure command economy. Instead they are a mixture of both. This is because if it is mixed

the necessities, comforts, and luxuries enjoyed or aspired to

by an individual or group

Page 36: Economic Systems. Mixed 2 Few countries have a pure market OR a pure command economy. Instead they are a mixture of both. This is because if it is mixed

Literacy Rate

Page 37: Economic Systems. Mixed 2 Few countries have a pure market OR a pure command economy. Instead they are a mixture of both. This is because if it is mixed

Total is the percentage of the population age 15 and

above who can, with understanding, read and

write a short, simple statement on their

everyday life.

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