WorksheetsEconomic Systems
Total questions: 20
Worksheet time: 10mins
Defintion of GAAP (Generally Accepted Accounting Principles)
A set of international guidelines and procedures governing accounting practices
To buy or obtain
A set of guidelines and procedures governing accounting practices
Unchanging
Definition of Financial Information
Knowledge and facts in useful form
An estimate of income and expenditures over a certain period of time
Information
Ability to yield a financial gain
What are economic resources
Cows, sheep, pigs
Technology, financial resources
Labor, management
Which is an example of a traditional economy
Amazon Rainforest
communities
Leesburg
China
Russian communities
What is an economic system
The way in which a country makes
its earning and spending decisions
Why a country spends money
What the country makes
Elements of
All Economic Systems
Resources
Distributors
Trees
Why Are Economic
Systems Needed?
Our wants are unlimited, but
our resources are not.
You do not need an economic system
Which is a type of
Economic Systems
China
Market
United States
Example
of Communism
Soviet Union
Afghanistan
United States
Example of Socialism
Sweden
Russia
United States
Example of Market Economies
Japan
Russia
Canada
Basic
Economic Question
Will my business end?
What will be produced?
Could I die?
More basic
Economic Questions
What products will be produced?
Why will products be produced?
How will products be produced?
What is a problem with communist economies?
More economic development
than in market economies
HIgher quality consumer goods
Less economic development
than in market economies
Problems With
Socialist Economies
Higher taxes
More efficient production
Wages based on employees skill
Problems With
Market Economies
No competition
Equal incomes
Financial and/or legal risk
Why Are Economic
Systems Needed?
They aren't
To manage wants and resources
Example of a capital resource
Timber
Saw
Hamburger
Example of human resources
Retailer selling property
Coffee mugs
Hamburgers
Example of natural examples
Coffee mugs
Timber
Hamburgers
