Social Studies Core Concepts 5.3-5.6

An economy in which people make economic decisions based on their customs or habits. They usually satisfy their needs through hunting or farming, as their ancestors did.

An economy in which individual consumers and producers make economic decisions. There is economic freedom.

An economy in which the central government makes all economic decisions.

An economy that combines elements of traditional, market, and command economic systems.

What are the factors that economists use to calculate how developed a country is?

• Access to education and healthcare

• How many schools there are and where people work

• Education, literacy, life expectancy, and purchasing power

• Education, literacy, and life expectancy

Economic growth or an increase in living standards

• development

• developed country

• developing country

• technology

A country with a strong economy and a high standard of living

Countries with less productive economies and lower standards of living

The total value of all goods and services produced in a year

The amount of goods and services produced given the amount of resources used