Types of Economies 1 Types of Economies 2 Trade 1Trade 2 Trade & Types of Economies 10 20 30 40 50.
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Transcript of Types of Economies 1 Types of Economies 2 Trade 1Trade 2 Trade & Types of Economies 10 20 30 40 50.
![Page 1: Types of Economies 1 Types of Economies 2 Trade 1Trade 2 Trade & Types of Economies 10 20 30 40 50.](https://reader030.fdocuments.us/reader030/viewer/2022033104/5697bfa51a28abf838c977d6/html5/thumbnails/1.jpg)
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Types of Economies
1
Types of Economies
2Trade 1 Trade 2
Trade & Types of
Economies
10 10 10 10 10
20 20 20 20 20
30 30 30 30 30
40 40 40 40 40
50 50 50 50 50
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Question 1 - 10
• What are some limitations of Capitalism?
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Answer 1 – 10
• Uneven distribution of resources, consumer difficulty in obtaining information, and health-risk products
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Question 1 - 20
• Who makes the decisions in a free enterprise economy?
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Answer 1 – 20
• People
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Question 1 - 30
• What are the basic questions all economic systems try to answer?
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Answer 1 – 30
• What to produce, how to produce, and for whom to produce.
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Question 1 - 40
• What gives businesses and individuals reason to work harder?
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Answer 1 – 40
• Profit
![Page 11: Types of Economies 1 Types of Economies 2 Trade 1Trade 2 Trade & Types of Economies 10 20 30 40 50.](https://reader030.fdocuments.us/reader030/viewer/2022033104/5697bfa51a28abf838c977d6/html5/thumbnails/11.jpg)
Question 1 - 50
• When does competition occur?
![Page 12: Types of Economies 1 Types of Economies 2 Trade 1Trade 2 Trade & Types of Economies 10 20 30 40 50.](https://reader030.fdocuments.us/reader030/viewer/2022033104/5697bfa51a28abf838c977d6/html5/thumbnails/12.jpg)
Answer 1 – 50
• When 2 or more businesses/people sell the same/similiar good.
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Question 2 - 10
• Which economic system has total government restrictions?
![Page 14: Types of Economies 1 Types of Economies 2 Trade 1Trade 2 Trade & Types of Economies 10 20 30 40 50.](https://reader030.fdocuments.us/reader030/viewer/2022033104/5697bfa51a28abf838c977d6/html5/thumbnails/14.jpg)
Answer 2 – 10
• Communism
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Question 2 - 20
• T/F – You cannot own property in a free enterprise economy.
![Page 16: Types of Economies 1 Types of Economies 2 Trade 1Trade 2 Trade & Types of Economies 10 20 30 40 50.](https://reader030.fdocuments.us/reader030/viewer/2022033104/5697bfa51a28abf838c977d6/html5/thumbnails/16.jpg)
Answer 2 – 20
• False
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Question 2 - 30
• What are some characteristics of Communism?
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Answer 2 – 30
• government ownership, no competition, and no profit
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Question 2 - 40
• Which economic system allows for freedom of production?
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Answer 2 – 40
• Capitalism.
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Question 2 - 50
• How does the Invisible Hand regulate the marketplace?
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Answer 2 – 50
• Profit and competition.
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Question 3 - 10
• If people didn’t trade, what kinds of things would we go without?
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Answer 3 – 10
• Anything you don’t produce yourself.
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Question 3 - 20
• What is the world’s largest free trade zone?
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Answer 3 – 20
• NAFTA
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Question 3 - 30
• Decisions on what to trade are based on the availability of what?
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Answer 3 – 30
• The factors of production.
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Question 3 - 40
• Why do nations trade?
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Answer 3 – 40
• Boosts economic growth, expands markets, and more efficient production.
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Question 3 - 50
• What are currency rates affected by?
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Answer 3 – 50
• Political and economic conditions• Central bank intervention• Speculation over future dollar value.
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Question 4 - 10
• A tax on imports is called what?
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Answer 4 – 10
• Tariff
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Question 4 - 20
• When the value of imports is greater than the value of exports, what do you have?
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Answer 4 – 20
• Trade Deficit
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Question 4 - 30
• When the value of exports is greater than the value of imports, what do you have?
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Answer 4 – 30
• Trade Surplus
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Question 4 - 40
• Why do countries impose trade restrictions?
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Answer 4 – 40
• Protect domestic producers.
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Question 4 - 50
• Name 5 Barriers to Trade
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Answer 4 – 50
• Language• Infrastructure• Values and Religious Attitudes• Political Climate• Legal Climate• International Regulations
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Question 5 - 10
• What is an absolute advantage?
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Answer 5 – 10
• Production at the lowest cost.
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Question 5 - 20
• What is a comparative advantage?
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Answer 5 – 20
• Production at the lowest opportunity cost.
![Page 47: Types of Economies 1 Types of Economies 2 Trade 1Trade 2 Trade & Types of Economies 10 20 30 40 50.](https://reader030.fdocuments.us/reader030/viewer/2022033104/5697bfa51a28abf838c977d6/html5/thumbnails/47.jpg)
Question 5 - 30
• What effect do you think a tariff has on imports? (Price and quantity)
![Page 48: Types of Economies 1 Types of Economies 2 Trade 1Trade 2 Trade & Types of Economies 10 20 30 40 50.](https://reader030.fdocuments.us/reader030/viewer/2022033104/5697bfa51a28abf838c977d6/html5/thumbnails/48.jpg)
Answer 5 – 30
• Price goes up, quantity supplied goes down.
![Page 49: Types of Economies 1 Types of Economies 2 Trade 1Trade 2 Trade & Types of Economies 10 20 30 40 50.](https://reader030.fdocuments.us/reader030/viewer/2022033104/5697bfa51a28abf838c977d6/html5/thumbnails/49.jpg)
Question 5 - 40
• When the amount of exports is equal to the amount of imports, what do we have?
![Page 50: Types of Economies 1 Types of Economies 2 Trade 1Trade 2 Trade & Types of Economies 10 20 30 40 50.](https://reader030.fdocuments.us/reader030/viewer/2022033104/5697bfa51a28abf838c977d6/html5/thumbnails/50.jpg)
Answer 5 – 40
• Balance of trade
![Page 51: Types of Economies 1 Types of Economies 2 Trade 1Trade 2 Trade & Types of Economies 10 20 30 40 50.](https://reader030.fdocuments.us/reader030/viewer/2022033104/5697bfa51a28abf838c977d6/html5/thumbnails/51.jpg)
Question 5 - 50
• Is the United States a true Capitalist society? Why/why not?
![Page 52: Types of Economies 1 Types of Economies 2 Trade 1Trade 2 Trade & Types of Economies 10 20 30 40 50.](https://reader030.fdocuments.us/reader030/viewer/2022033104/5697bfa51a28abf838c977d6/html5/thumbnails/52.jpg)
Answer 5 – 50
• We are a mixed economy because there are some government restrictions.