Download Economic Systems - Schoolwires.net

Global Studies
Name _______________________________
Economic Systems & Measures of Wealth
I. Economic Systems
A. Traditional: People produce their __________________ and __________________
for what they need.
B. Market: People and businesses _________________________________________.
1. Also known as __________________ and __________________.
C. Command: The __________________ makes the economic decisions.
1. socialism: the government controls ________ parts of the economy.
2. communism: the government makes ________ of the economic decisions and
there is _________________________________ of businesses.
D. Mixed: Includes elements of ____________ and ____________ economies.
1. ______ modern economies are mixed.
II. Mixed Economies:
Place the following countries on the graphic below.
China
United States
North Korea
Sweden
United Kingdom
Command
(Left)
^
Market
(Right)
III. Answers to Basic Economic Questions
What to produce?
Traditional
Market
Command
How to produce?
For Whom to
produce?
IV. Measures of Wealth
A. GDP: ________________________________- the _________________ of goods and
services produced in a country
1. Shows how ____________ a country’s economy is.
2. ________________ economies of the world as measured by GDP:
1. ___________________
6. ___________________
2. ___________________
7. ___________________
3. ___________________
8. ___________________
4. ___________________
9. ___________________
5. ___________________
10. ___________________
http://en.wikipedia.org/wiki/List_of_countries_by_GDP_%28nominal%29#cite_note-0
3. How can we describe the countries with the biggest economies?
--___________________________________________________________
___________________________________________________________
B. GDP per capita: Gross Domestic Product ______________: the total value of goods and
services produced in a country divided by the __________________________
1. Shows how ______________ a country is.
2. _________________ countries of the world as measures by GDP per capita:
1. ___________________
6. ___________________
2. ___________________
7. ___________________
3. ___________________
8. ___________________
4. ___________________
9. ___________________
5. ___________________
10. ___________________
http://en.wikipedia.org/wiki/List_of_countries_by_GDP_%28nominal%29_per_capita
3. How can we describe the wealthiest countries?
--___________________________________________________________
___________________________________________________________
Global Studies
Name _____________KEY_______________
Economic Systems & Measures of Wealth
I. Economic Systems
A. Traditional: People produce their own food and make or trade for what they need.
B. Market: People and businesses make their own economic decisions.
a. Also known as capitalism and free enterprise.
C. Command: The government makes the economic decisions.
1. socialism: the government controls SOME parts of the economy.
2. communism: the government makes MOST of the economic decisions and
there is no private ownership of businesses.
D. Mixed: Includes elements of market and command economies.
1. All modern economies are mixed.
II. Mixed Economies:
Place the following countries on the graphic below.
China
United States
North Korea
Command
(Left)
Sweden
United Kingdom
^
North Korea
China Sweden United Kingdom United States
Market
(Right)
III. Answers to Basic Economic Questions
What to produce?
How to produce?
For Whom to
produce?
Basic needs
By ourselves by hand
Ourselves
Market
Whatever will be
profitable
The cheapest way
possible
For whomever will
pay the most
What the government
tells us to
In a way that employs
everyone
For everyone
Command
Traditional
IV. Measures of Wealth
A. GDP: Gross Domestic Product- the total value of goods and services produced in a country
4. Shows how LARGE a country’s economy is.
5. LARGEST economies of the world as measured by GDP:
REFER TO WEBSITE & USE DATE FROM THE INTERNATIONAL MONETARY FUND
http://en.wikipedia.org/wiki/List_of_countries_by_GDP_%28nominal%29#cite_note-0
6. How can we describe the countries with the biggest economies?
--They are countries with large populations and/or relatively advanced
economies.
B. GDP per capita: Gross Domestic Product per person: the total value of goods and services
produced in a country divided by the total number of people
1. Shows how WEALTHY a country is.
2. WEALTHIEST countries of the world as measures by GDP per capita:
REFER TO WEBSITE & USE DATE FROM THE INTERNATIONAL MONETARY FUND
http://en.wikipedia.org/wiki/List_of_countries_by_GDP_%28nominal%29_per_capita
3. How can we describe the wealthiest countries?
--Mostly small and Western