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Economic Issues Week 2-6: Part 1

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Presentation on theme: "Economic Issues Week 2-6: Part 1"— Presentation transcript:

1 Economic Issues Week 2-6: Part 1
Global 4 Ms. Lyons

2 Types of Economies Market Economy Command Economy Private property
The people make economic decisions Prices are determined by supply & demand Government controls everything

3 Types of Countries Developed countries Developing countries
Modern agriculture Modern industries Advanced technology Strong educational system Limited resources NO modern industry

4 Developing Countries Struggle
Goals: Industrialization Control population growth Problems Dependence Debt: from borrowing $ to industrialize All goods are imported They only make cash crops Population growth Lack of contraception, cultural/religious beliefs

5

6 European Union Western Europe: economic cooperation 2004: 25 countries
Euro (same currency)

7 Japan Democracy Why successful? Labor unions, land reforms
MORE Democracy Labor unions, land reforms Allies with the US! Why successful? Favorable balance of trade More exports than imports High tariffs on imports Western technology Educated & skilled workers Bank loans capital Less money spent on military

8 Pacific Rim Important highway for trade “Asian tigers”
Taiwan, Hong Kong, Singapore, South Korea Fast industrialization & economic growth

9 OPEC Organization of Petroleum Exporting Countries Formed in 1960
Set oil prices & levels of production 1973: stopped sending oil to US & other pro-Israel countries Increased prices! Western economies went down!

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