Economic Systems | ||
#1 | What are producers? | owners and workers of company |
#2 | All people are called this and do this | Consumers who buy and use products |
#3 | What is another word for exchange? | Trading |
#4 | Capitalism is also called? | A free market economy |
#5 | What are the three basic economic questions? | What to produce?Who will make it? Who will buy it? |
Kinds of Economies | ||
#1 | Another word for private ownership is? | Capitalism |
#2 | Government ownership is also called? | Communism |
#3 | Most capitalistic countries are what type of economy? | Mixed economy |
#4 | What is it called when people put money into a business? | investing |
#5 | People can do two things with banks in a capitalistic society? | Lend/borrow, and save |
Levels of Nations 1 | ||
#1 | Give 3 examples of goods. | penicls, erasers, cars |
#2 | What did people invent to make goods? | power driven machines |
#3 | What was the time period when machines started to make goods? | during The Industrial Revolution |
#4 | List three countries that are said to be developed nations. | US, Japan, Most EU countries |
#5 | What are two problems of developed nations and give reasons? | unemployment because of Technology, pollution because of factories |
Level of Nations 2 | ||
#1 | What is a country called that has fewer industries and less technology? | Developing nation |
#2 | What is an example of a developing country? | India, Kenya, |
#3 | Developing countries do not have great... | wealth |
#4 | What do farmers of developing nations not have to help them? | power machinery |
#5 | List five things developing nations have problems with? | disease, food shortages, unsafe water, poor education and weak governments |
Trading | ||
#1 | Give 2 examples of goods people trade with each other. | grains, oil, watches |
#2 | Saudi Arabia produces large amounts of this. | Oil |
#3 | What does interdependence mean? | countires are dependent on each other for goods |
#4 | What have some countries done to reduce the cost of trade? | Formed trade alliances |
#5 | What alliance does Mexico, Canada, and the US belong to? | NAFTA |
Final Question | |
What is a benefit of trade alliances for consumers? | They pay less for products from other countries |