Southeast Asia Economic Systems

What are the three economic questions that every country must answer when developing an economic plan?

• How much will be produced?

  What type of economy will be established such as traditional, command or market.

  What color currency will be printed?

• What products will be passed down from generation to generation

  What customs will be inherited?

  What color flag will be produced?

• What goods/services will be produced?

  How will goods/services be produced?

  Who will consume the goods/services?

• What resources does a country have?

  How can they produce those resources for other countries?

  Who will be willing to produce the resources needed?

What are the four types of economic systems?

• Market, Demand, Control, and Customs

• Gen X, Boomer, Communist, and Traditional

• Traditional, Pure Market, Pure Command

• Market, Command, Mixed, and Traditional

What are the characteristics of a Traditional Economy?

Choose all that apply

• Based on customs and beliefs

• Some still exist in rural villages in Asia

• Are always under government control

• Passed down from generation to generation

What is one aspect of a Command Economy when answering the three economic questions?

• Strict government control

• Consumers determine what is produced

• Companies set their own prices

• Availability of qualified workers

In a command economy, the government regulates all of the country's economic decisions by determining these.

• Prices of goods, but not the wages of workers, and what goods will be produced.

• Not prices of goods, and not wages of workers, but what goods will be produced.

• Prices of goods are determined by the market place, wages are determined by the availability of qualified workers and the demand for a certain product

• Prices of goods, wages of workers, and what goods will be made

What event is an example of an attempt to create a pure command economy?

• The Long Salt March to the Sea

• China's Long March

• China's Great Leap Forward

• China's Cultural Revolution

Which country has had a PURE COMMAND economy?

• India

• China

• Indonesia

• No one

A command economy is a very harsh system to live under and because of this. . . .

• command economies give everyone in the country everything they need.

• countries have to hire outside workers to keep everything going

• seem to last for long periods of time.

• there are no PURE command economies that exist today

Since there are NO PURE command economies in the world, there are some countries that are close. Those countries are?

• Cuba, Former Soviet Union, North Korea, and former West Germany.

• Cuba, Former Soviet Union, North Korea, and former East Germany.

• Cuba, Former Vietnam, North Korea, and former East Germany.

• Cuba, Former Soviet Union, South Korea, and former East Germany.

All the countries mentioned as being very close to a command economy had or still has what type of government?

• Democratic

• Socialistic

• Communist

• Republic