8 terms

Traditional Economy

based on customs and beliefs

Terms in this set (...)

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
-Government still owns most industries and makes most economic decisions
-EXPORTS: Satellites, rockets, toys
-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
-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