A country has a high literacy rate, high life expectancy, and a high GDP per capita. Based on these indicators, how would this country most likely be classified?

Which of the following sets of indicators would MOST LIKELY describe a developing (medium developed) country?

Country A has a high GDP per capita but a low literacy rate. What might this suggest about the country?

You are researching two countries. Country X has a literacy rate of 99%, while Country Y has a literacy rate of 56%. Based on this difference, which of the following conclusions is MOST supported by the data?

What type of economy has the government make ALL the economic decisions?

Which type of economy has more consumer (individual) choice?

Which type of economy has the government set prices?

What type of economy do consumers (individuals) make the economic decisions?

What type of economy does supply and demand set the prices?

Which type of economy solves for scarcity (not enough of something)?

Which type of economy makes decisions based on family traditions and customs?

"Government control of the economy" describes a ________________ economy.

Which economy has the most innovation (new ideas)?

In which type of economy does the government make all decisions?

Consumers (individuals) and businesses make their own decisions in a _______ economy.

government sets safety rules for factories that are owned by businesses

the government DECIDES how much bread to produce (make) or how much to charge for a product

Most countries have a ___________ economy with government, businesses and consumers (individuals) making decisions.

mix of government + private ownership

private businesses COMPETE

government CONTROLS almost everything in the economy; makes all economic decisons

INDIA's ECONOMY: private businesses (consumers and businesses), government sets/controls some industries like energy and transportation with safety rules

shortages (not enough) would happen in what economy due to only the government deciding what to produce

In this economic system the government is in charge of all economic decisions. The government sets production goals and decides wages for workers. The government decides the prices for goods and services.

In this economic system people are free to choose how to make and spend their own money. Supply and demand is the basis for this economic system.

In this economic system people pay high taxes. In exchange, the government provides many services to all people equally.

Goods and services a country SELLS to other countries (exit the country)

Goods and services a country BUYS from other countries (bring inside the country)

The amount that a producer is willing to sell at a given price

The amount that consumers are willing to buy at a given price

Using GDP, GDP per capita (per person), literacy rate, life expectancy are how we _________

oil, water, farmland

machines, tools, factories, money

workers, teachers, farmers, truck drivers

inventors, business owners, innovators (new ideas)

Which example best shows the role (job) of entrepreneurs in a free enterprise / free market system

Natural resources, labor, capital, and entrepreneurship used to produce goods and services.

Materials found in nature that are used to produce goods.

Human effort used to produce goods and services.

 Tools, machines, and buildings used to produce goods and services.

The ability to organize and take risks to start a business.

 Growth (increases / improvement) in an economy that improves living standards.

Uneven distribution (spread) of wealth ($) and resources. un = NOT; in = NOT

The exchange of goods and services between countries.