8 terms

Traditional Economy

based on customs and beliefs
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Traditional Economy
based on customs and beliefs
Command Economy
Government answers all economic questions
Market Economy
Individual citizens(buyers and sellers) (producers and consumers) answer all economic questions
Mixed Economy
-Combination of command and market principles
-All national governments have mixed economies in place
China
-Government still owns most industries and makes most economic decisions
-EXPORTS: Satellites, rockets, toys
India
-Mixed economy (traditional and market)
-60% of India's workforce are farmers
-25% of India's GDP is from farming
-#1 telecommunications service industry
-More than 800 movies are made in India each year
-EXPORTS: Rice, wheat, cotton, tea, jute
Japan
-Market economy
-Few resources, so Japan imports raw materials to use in industries
-World's largest fishing industry (more than 5 million pounds sold daily)
-EXPORTS: High-quality automobiles, televisions, cameras, CD players
North Korea
-Command economy
-Government has heavily invested in the military instead of using money to help people
-Government owns all the land and housing and controls access to jobs
-Developed nuclear power industry
-Makes machinery, iron, and steel