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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)

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