Are you READY???

What is this? 1. It is an economic system 2.Tools are simple and they have no technology. 3. Jobs are handed down from generation to generation. 4. Old customs and habits answer the questions. 5. No money, only bartering

What system? 1. No regular citizens have any say in what they do. 2.Sometimes the government tells you how much you have to make a dayworth of products. 3.Even with improving your production, you don’t get extra money 4.Government owns all businesses and farms. 5.Government makes all the economic decisions.

What system ? 1. Sometimes called free enterprise, or capitalism 2. Each business or farm decides what they want to produce. 3.Economic decisions are decided by producers and consumers 4. No government laws on how to make products, advertisements, and safety of products. 5.Government plays NO ROLE in a this system

What system? 1.This system comes in many forms. 2. It is either closer to Market or Command. 3. The consumers , producers and the government answer the economic questions. 4.It is a blend of the other economies. 5. They may have many rules or a few rules.

Barter_______ means Get something for something else. No money is used Used in Traditional Economy Trade

Scarcity means….. Something that is of limited supply Not much of it but everyone needs / wants it Not having enough to go around

What are trade barriers? Anything that makes it hard to trade Physical trade barriers Mountains Deserts Political trade barriers Tariff Embargo Quota

The United States has a MIXED______________ economic system But it is closer to a _Market___________ economy.

HUMAN CAPITAL …MEANS INVESTING IN???? EDUCATION, SKILLS, TRAINING, AND HEALTH CARE TO INCREASE PRODUCTION of the workforce or people

W Which trade barrier?? Embargo..Stop trade all together Quota…limit the amount of good imported to your country Tariff …Place an extra tax on all imported goods.

GDP Gross Domestic Product= All the products that are produced in a country in a one year period. GDP rises if a country invests in. Human Capital, which includes education and training of the workers.

Physical Capital????? Buildings Railroads Roads Equipment Technology Machines Trucks Airports Making sure that all these things are running WELL and are in GOOD condition to make sure the production is at its best!!!!

Literacy Rate + If a country has a high LITERACY RATE , it will also have a HIGHER standard of living most of the time!