SystemsLevels of Activity Traditional Concepts Economics & the World Geography Jeopardy! Economics

Final Jeopardy! Question Economics Economic descriptors

System governed by “supply and demand”, features include private ownership of businesses Free market/Capitalism Systems 100

System governed by “greater good”, features include collective labor ownership of businesses Socialism Systems 200

System governed by “greater good”, features include government/small party ownership of businesses Communism/Command economy Systems 300

Communism System envisioned by Karl Marx Systems 400

Although most countries identify themselves as capitalist or communist, a more correct descriptor of all economies Mixed economy Systems 500

The level of economic activity represented by information processing and management – i.e., technology development, research Quaternary (4) Levels of activity 100

The level of economic activity represented by providing services – i.e., supermarket, teacher, doctor Tertiary (3) Levels of activity 200

The level of economic activity represented by the production of raw materials – i.e., agriculture, mining, fishing Primary (1) Levels of activity 300

The level of economic activity represented by making or refining products from raw materials – i.e., making furniture, turning crude oil into gasoline Secondary (2) Levels of activity 400

Name one career at each level of economic activity (Answers vary – points awarded at teacher discretion) Levels of activity 500

Swapping goods and services without the use of money Barter Traditional 100

Producing just enough to provide food for yourself and your family Subsistence agriculture Traditional 300

Small-scale production based in the home Cottage industry Traditional 200

The levels of economic activity most likely to occur in a developing nation Primary and secondary Traditional 400

A term used to describe pre-industrial societies with low standards of living Less Developed Traditional 500

Outsourcing The physical separation of economic activities from the main production facility, usually for the purpose of employing cheaper labor Concepts 100

Gross Domestic Product The total value of goods and services created within a country Concepts 200

Specialization Production of a limited scope of products or services in order to gain greater degrees of productive efficiency Concepts 300

Tariffs Taxes imposed on certain imported goods and services to keep out foreign competition and allow the growth of domestic economic sectors Concepts 400

Industrialization The development of manufacturing facilities on an extensive scale – a “revolution” of this sort transformed economies in Europe and the U.S. Concepts 500

NAFTA An agreement that removed tariff and non- tariff barriers to trade between the U.S., Canada, and Mexico Economics & the World 100

Export-based economy Many countries in Latin America have this type of economy; its disadvantage is a dependence on economic strength in other regions of the world Economics & the World 200

Import-based economy Japan and Hawaii both have this kind of economy due to their lack of land to produce their own goods Economics & the World 300

European Union Created by a number of European countries to better coordinate economic activities Economics & the World 400

Columbian Exchange Historical term used to describe the transfer of plants, animals, and goods between the “Old World” and the “New World” Economics & the World 500

Used to measure relative wealth between nations – ignores the inequalities within society by pretending it is equally distributed to all people GDP Per Capita Final Jeopardy!