1. Economic Understandings To play the game, go to the next slide and click on a point value to go to a question. To go to final Wrap-Up click on Final Wrap-Up at the bottom of the main screen.

2. Types of Economies National Economies Trade Barriers Capital Investments VocabularyCurrencies

3. Team 1Team 2Team 3Team 4 Team 5 Wager board

4. What type of economy uses customs and habits of the past to make economic decisions?

5. Traditional Economy score board

6. What type of economy relies on planning groups to make basic economic decisions?

7. Command Economy score board

8. In what type of economy do individuals or corporations make economic decisions?

9. Market Economy score board

10. What country in this region is the best example of a command economy?

11. North Korea scoreboard

12. What two countries in this region have market economies?

13. Japan & South Korea score board

14. How can the economy of China best be described?

15. Mixed score board

16. What economic activity involves at least half of the people living in China?

17. Farming score board

18. What country in the region has the most technologically advanced economy?

19. Japan score board

20. What two sources account for nearly all of Japan’s GDP?

21. Industry and services score board

22. What is the main reason that North Korea has had economic problems?

23. It has spent most of its money on the military while neglecting other aspects of the economy. score board

24. Why do people need to exchange money?

25. To do business with people from other countries score board

26. What is the currency used by the people in India?

27. Rupee score board

28. What is the currency used by the people in Vietnam?

29. Dong score board

30. What is the currency used in North Korea?

31. Won score board

32. If a North Korean Won is equal to 140 per one U.S. dollar, how much would something that costs 420 Wons cost in U.S. dollars?

33. $3.00 score board

34. What term refers to the voluntary exchange of goods and services?

35. Trade score board

36. What type of trade barrier results in taxes on imports?

37. Tariff score board

38. What type of trade barrier results in limits placed on the number of imports that can enter a country?

39. Quota score board

40. What type of trade barrier involves a government order to stop trade with another country?

41. Embargo score board

42. What is the main purpose of a tariff?

43. To protect local manufactures from foreign competition score board

44. What is the GDP (Gross Domestic Product)?

45. Total value of all the goods and services produced in a country in one year score board

46. How much of India’s GDP comes from farming?

47. 25 percent score board

48. What two items are included in human capital?

49. Skills and education score board

50. How was the Green Revolution an example of investment in human capital in India?

51. Farmers were given training and new technology. score board

52. How did the Four Modernizations affect Chinese industry?

53. Many factories began to increase the production of consumer goods that were easier to sell. score board

54. What term is used to describe the exchange of goods and services without currency?

55. Bartering score board

56. What economic policy allows businesses to do as they want with little regulation?

57. Laissez-faire score board

58. What is the name given to items brought into a country?

59. Imports score board

60. What term is used to describe a country which produces all the goods and services it needs?

61. Self-sufficient score board

62. What is the term used to describe someone who is willing to take risks to create a new business or develop a new product?

63. Entrepreneur score board

64. Make your wager on the scoreboard scoreFinal Question

65. What are China’s Four Modernizations?

66. Farmers were given more control over what they produce. Farmers were given more control over what they produce. Industry shifted from heavy industry to consumer goods. Industry shifted from heavy industry to consumer goods. Factory workers and managers were given more power to make decisions. Factory workers and managers were given more power to make decisions. Encouraged foreign countries to do business with China. Encouraged foreign countries to do business with China. score board