Economic systems, Development, Agriculture and Industry Review

Economic System in which barter and trade. The growth is limited to tradition and beliefs

• Traditional

• Market

• Mixed

• Command

Economic system in which the government does not interfere with production. The consumer decides supply and demand.

• Traditional

• Market

• Mixed

• Command

Economic system in which the government controls the factors of production. What to produce, How much to produce, and where to produce it.

• Traditional

• Market

• Mixed

• Command

An economic system in which the government regulates some aspects of industry> Industry is still allowed to produce according to consumer demand.

• Traditional

• Market

• Mixed

• Command

Economic sector that deals with extracting resources from the Earth

EX: Farming, mining, fishing, lumber

• Primary

• Secondary

• Tertiary

• Quaternary

Economic sector involved with research and study

EX: Scientists, professors

• Primary

• Secondary

• Tertiary

• Quaternary

Economic sector that involves the service industry

EX: Teachers, retail, nurses, banking

• Primary

• Secondary

• Tertiary

• Quaternary

Economic sector that uses raw material to produce

EX: Manufacturing, construction, butchers

• Primary

• Secondary

• Tertiary

• Quaternary

Standard of living refers to the level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area

• Standard of Living

• Literacy Rate

• GDP

• GNP

the percentage of adults who can read and write.

• Standard of living

• Literacy Rate

• GDP

• GNP