55 terms

Asia Economy

someone who is willing to take a risk to begin a new business which can create new markets and new jobs
economic specialization
producing those goods a coutnry can make most easily so they can trade them for goods made by others that cannot be produced locally
supply and demand
the price of goods rises or falls depending upon how much people want to buy it or how much of a good is available
the price to buy goods increases
when there is a limited supply of a good that people/countries want, what happens to the price
the price to buy goods decreases
when there is an abundant supply of a good that people/countries want, what happens to the price
currency exchange
system that converts from one currency to anotherso that goods can be bought and sold between countries with different economies
GDP -- Gross Domestic Product
the total value of goods and services produced in a year, divided by the total population
traditional economic system
economic system where customs and habits (the way it has always been done) determines what goods will be produced, how the goods will be produced and whom will produce the goods
command economic system
economic system where government planners determine what goods will be produced, how the goods will be produced and whom will produce the goods
market economic system
economic system where consumers (the people wo buy things) and the market determine what goods will be produced, how the goods will be produced and whom will produce the goods
in what economic system can entreneurs start a business
market economic system
mixed economic system
economic system that operates somewhere between a market and a command economic system
trade barriers
laws or practices used to limit free trade
tax placed on goods coming into one country from another
a formal halt (stop) to trade with a country for economic or political reasons
a limit on the number or amount of foreign producted good that is allowed into a country
natural resources
resources found in nature
human capital
the skills and education worked have
capital goods
the factories and machines used to make goods
investing in Human Capital has what effect on the GDP of a country?
the GDP increases
has a command economic system
North Korea
have a mixed economic system
China, Inida, Japan
Great Leap Forward and Cultural Revolutions
China's attempts to improve their economy
At least half the workers are farmers (involved in agriculture) in what country
Green Revolution
India's attempt to improve agriculture
technology, electronics and service are the most successful industries in what country
in what country does most the GDP come from industry and services
what country must use the economy to make up thier lack of natural resources
In Japan what do farmers do to increase the amount of land they have for farming
North Korea
Kim Jong-II has spent most of what country's money on the military
The economic system of china
Mixed command
Why and how farmers were organized after the cultural revolution
In collective farms. Didn't matter how skilled the people were- all were forced to be farmers
Which area of economic activity that most of chinas workers are still involved in.
Chinese government beliefs about investing in human Capitol
Didn't really invest in human Capitol
Chinas attitude towards entrepreneurship
The economic system of India
Mixed market
Characteristics if the green revolution
Farmers were introduced to genetically altered grains,pesticides, farming methods, began in the 1600's. Increased income for farmers
Successful industries in India's economy today
Technology, electronics, and services
Why and which Capitol goods india invests in
Phone lines and computers
The role of entrepreneurship in India
There are a lot of smaller industries rather than larger
The economic system of japan
Mixed market
How the Japanese economy makes up for the countries lack of natural resources
Invest in technology. Import raw materials. Invest in human Capitol.
How Japanese farmers manage the the limited amount or land they have
How Japan has invested in human Capitol
Investing in education
How Japanese companies invest in human Capitol
Technical skills and training
Hiw the Japanese government promotes the countrys industrial growth and development
Makes sure the industry is as modern as possible. Advanced technology
What is the source of nearly all of Japan's GDP
Industry and services
How Japan remains so prosperous despite being an isolated country with little tommy natural resources
Very educated skilled workforce
Economic challenges facing japan today
Few resources, little farmland, isolated
The economic system of north Korea
Mixed command
How premier Kim jong in manages the countries economy. Where does thmkney go?
Fibrous plant used to make twine, bags, sacks and burlap
Vietnams most profitable industry
Food processing
Where most people work in develpomv nations of southeast Asia
Doi moi
Change for the new. Government still owns land but the farmers decide what to do with it. (Vietnam)