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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