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Economy Economy • • • • Work Making things Buying things Trading • All of these examples are ways that our Economy is stimulated. How does our text define Economics???? • Economics – The study of the production, distribution, and use of goods and services. Can you tell me how we measure a country’s Economy??? Measuring our Economic Value • GDP… – Gross Domestic Product • Defined as the value of all goods and services that a country produces in one given year. • Gross Domestic Product can also tell you about a country’s Standard of Living.. The __________ a country’s standard of living, the higher the GDP will be… The __________ a country’s standard of living, the lower the GDP will be…. 2 Types of Countries… • The countries of the world are divided into two different categories based on the country’s industrialization…. • Industrialized Countries • Developing Countries Industrialized Countries • Countries are classified as Industrialized when…. – The country has more manufacturing and less agriculture.. – Access to Healthcare Systems – High Literacy Rate • Examples… – USA, Canada, Japan, as well as most European Countries. Developing Countries • Developing countries are moving toward industrialization.. – 2/3s of the worlds people live in developing countries. • Characteristics of developing countries… – Poor, primary industries – Fishing, Farming, Mining, and Forestry – Crowded Cities, low Literacy Rate – Limited access to Healthcare – Examples… • Mexico and S. Korea 2 types of Developing Countries • Third World Countries… – Show some economic growth. These countries lack the economic opportunities of most industrialized countries. • Fourth World Countries…. – Countries that show no economic growth. Study this Chart…... Country Population Population Growth Rate Per Capita GDP Life Expectancy Literacy Rate Telephone Lines United States 290.3 million 0.9% $37, 600 77 97% 194 million France 60.1 million 0.4% $26,000 79 99% 35 million South Korea 48.2 million 0.% $19,600 75 95% 24 million Mexico 104.9 million 1.4% $8,900 72 92% 9.6 million Poland 38.6 million 0.0% $9,700 73 99% 8 million Brazil 182.1 million 1.1% $7,600 71 86% 17 million Egypt 74.7 million 1.8% $4,000 70 57% 3.9 million Myanmar 42 milllion 0.5% $1,700 55 83% 250,000 Mali 11.6b million 2.8% $900 45 46% 23,000 Looking at the Chart in your book…. • What countries have the highest GDP? • What countries have the highest Literacy Rates? • What might this connection be? 3 Economic Questions • What to produce? • How to produce? • For whom to produce? 3 Types of Economies • Market or Free Enterprise Economies • Command Economies • Tradition Based Economies • Mixed Economies Market or Free Enterprise • An economy in which business owners and consumers make all economic decisions about what to make, sell, and buy. Command Economies • An economy in which the government owns most of the industries and makes most of the economic decisions. Tradition Based Economies • Exchange of goods and services based on customs and traditions. Mixed Economies • An exchange of goods and services based on at least two other types of economic systems.