p.39
1. An example of privatization in my community is private schools.
2. One problem with privatization is the fact that not everyone is allowed to participate.
p. 40
1. factors of production - natural resources, human resources, and capital resources.
2. economic system - the method a country uses to answer the basic questions.
3. command economy - the government regulates the amount, distribution, and price of everything produced.
4. market economy - when individual companies and consumersmake the decisions about what, how, and for whom items will be produced.
5. mixed economy - a blend between government involvment and private ownership.
6. privatization - process of changing an industry from publicly to privately owned.
7. Three examples of factors of production are natural resources, human resources, and capital resources.
8. The basic economic questions are:
What goods and services are to be produced?
How should the goods and services be produced?
For whom should the goods and services be produced?
9. The three charqacteristics of capitalism are private property, profit motive, and free, competitive marketplace.
10. Command economy
11. Mixed economy
12. Market economy
13. Market economy
14. Mixed economy
15. No, because unless the other factors are present, no one can exist.
16. I would live in capitalism because that way I could be in control of how successful I became.
17. Russia changed from command economy to market economy, but only after the comunist power that controlled the country collapsed.
18.Because of scientific developments, you need to be better with computers and electronics.
p. 44
5. The main influences on a country's economic development are literacy level, technology, and agricultural dependancy.
6. Infrastructure is important to the economic development of a country because without infrastructure, the country will fall apart in the long run.
7. Businesses commonly found in developing countries are agriculture and mining.
p. 46
1. Domain names let whoever is looking at the website know vaguely what kind of business you run.
2. redwolfairsoft.uk.
There isn't too much different about their site.
p. 51
1. absolute advantage - when a country can produce a good or service at a lower cost than other countries
2. comparative advantage - a coun try specializes in the production of a good or service at which it is relatively more efficient
3. GDP - measures the output of goods that a country produces within its borders
4. GNP - measures the total value of all goods and services produced by the resources of a country
5. balance of trade - the difference between a country's exports and imports
6. foreign exchange rate - the value of one country's money in relation to the value of the money of another country
7. foreign debt - the amount a country owes to other countries
8. CPI - a federal government report published by the Bureau of Labor Statistics
9. When a country makes all or most of their goods and services, while comparative advantage is when the country specialized in only a few goods and services and imports the rest.
10. GDP measuresthe output of goods that a country produces within its borders.
11. When a country's balance of trade leans towards imports, they begin to start falling into debt.
12. USA has the highest per capita GDP, Ethiopia has the lowest.
13. Countries that export more than they import have a trade surplus.
14. The US has the highest inflation rate.
15. It can invest in raw materials to make a wide range of goods, miking an absolute advangage.
16. A high inflation rate shows that the country is economically sound.
17. Trees, water, fertile soil for growing food.
18. a) The country's balance of trade is -$400,000.
b) It's a trade deficit
19.
1. An example of privatization in my community is private schools.
2. One problem with privatization is the fact that not everyone is allowed to participate.
p. 40
1. factors of production - natural resources, human resources, and capital resources.
2. economic system - the method a country uses to answer the basic questions.
3. command economy - the government regulates the amount, distribution, and price of everything produced.
4. market economy - when individual companies and consumersmake the decisions about what, how, and for whom items will be produced.
5. mixed economy - a blend between government involvment and private ownership.
6. privatization - process of changing an industry from publicly to privately owned.
7. Three examples of factors of production are natural resources, human resources, and capital resources.
8. The basic economic questions are:
What goods and services are to be produced?
How should the goods and services be produced?
For whom should the goods and services be produced?
9. The three charqacteristics of capitalism are private property, profit motive, and free, competitive marketplace.
10. Command economy
11. Mixed economy
12. Market economy
13. Market economy
14. Mixed economy
15. No, because unless the other factors are present, no one can exist.
16. I would live in capitalism because that way I could be in control of how successful I became.
17. Russia changed from command economy to market economy, but only after the comunist power that controlled the country collapsed.
18.Because of scientific developments, you need to be better with computers and electronics.
p. 44
5. The main influences on a country's economic development are literacy level, technology, and agricultural dependancy.
6. Infrastructure is important to the economic development of a country because without infrastructure, the country will fall apart in the long run.
7. Businesses commonly found in developing countries are agriculture and mining.
p. 46
1. Domain names let whoever is looking at the website know vaguely what kind of business you run.
2. redwolfairsoft.uk.
There isn't too much different about their site.
p. 51
1. absolute advantage - when a country can produce a good or service at a lower cost than other countries
2. comparative advantage - a coun try specializes in the production of a good or service at which it is relatively more efficient
3. GDP - measures the output of goods that a country produces within its borders
4. GNP - measures the total value of all goods and services produced by the resources of a country
5. balance of trade - the difference between a country's exports and imports
6. foreign exchange rate - the value of one country's money in relation to the value of the money of another country
7. foreign debt - the amount a country owes to other countries
8. CPI - a federal government report published by the Bureau of Labor Statistics
9. When a country makes all or most of their goods and services, while comparative advantage is when the country specialized in only a few goods and services and imports the rest.
10. GDP measuresthe output of goods that a country produces within its borders.
11. When a country's balance of trade leans towards imports, they begin to start falling into debt.
12. USA has the highest per capita GDP, Ethiopia has the lowest.
13. Countries that export more than they import have a trade surplus.
14. The US has the highest inflation rate.
15. It can invest in raw materials to make a wide range of goods, miking an absolute advangage.
16. A high inflation rate shows that the country is economically sound.
17. Trees, water, fertile soil for growing food.
18. a) The country's balance of trade is -$400,000.
b) It's a trade deficit
19.