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Economic Systems Answer Key

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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