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