1. Capitalism and Economic Freedom

2. Mystery Nations Revealed
Country C: Nigeria
Population: 126,635,626
Per capita GDP: $950
Life expectancy: yrs
Literacy rate: 57.1%
Infant mortality rate: 73.34/1000
Country A: Argentina Population: 37,384,816 Per capita GDP: $12,900 Life expectancy: yrs Literacy rate: 96.2% Infant mortality rate: 17.75/1000
Country E: Singapore
Population: 4,300,419
Per capita GDP: $26,500
Life expectancy: yrs
Literacy rate: 93.5%
Infant mortality rate: 3.62/1000
Country B: Japan
Population: 126,771,662
Per capita GDP: $24,900
Life expectancy: 80.8 yrs
Literacy rate: 99%
Infant mortality rate: 3.88/1000
Country D: Russia
Population: 145,470,197
Per capita GDP: $7700
Life expectancy: yrs
Literacy rate: 98%
Infant mortality rate: 20.05/1000

3. The countries, richest to poorest:
Singapore (E)
Japan (B)
Argentina (A)
Russia (D)
Nigeria (C)

4. Factors Contributing to Long-Term Econ Growth
Greater economic freedom
High investment levels in physical and human capital
Strong incentives to save and invest
Competitive markets
Low inflation
Political stability
Free trade

5. Capitalism
Means of production privately owned—little govt intervention
Advantages: efficiency, freedom, high satisfaction, wealth—same as market economies
Disadvantages: cannot satisfy everyone’s needs—must be able to pay
Examples: US, Canada, GB, Japan

6. Socialism
Means of production controlled by government (at least to some extent)
Still allows for democratic elections
Adv: basic needs are provided
Disadv: less efficient, higher costs = higher taxes
Examples: Scandinavian countries (kinda sorta), China, N Korea

7. Communism All property collectively owned
Never been true communism
Govt has complete control –usually becomes totalitarian state
Adv: basic needs taken care of
Disadv. No freedom, private property, incentives, does not cover consumer “wants”
Examples: USSR, N. Korea, Cuba

9. Economic System Cartoon/Comic Strip Project
Choose one of the following options:
Depict an advantage or disadvantage (or both if you want) of a traditional, communist, socialist, or capitalist economy OR
2. Choose one characteristic and compare two economic systems (ex: capitalism vs. communism and providing basic needs)
Include an explanation of what’s going on (you can do this on the back)
Due Thurs 9/7

10. Examples: