The level of centralization or decentralization in decision-making and participation depends on the specific type of planning mechanism employed. A planned economy may use centralized, decentralized, participatory or Soviet-type forms of economic planning. Sheetul goes out and hunts for dinner for his next family’s meal.A planned economy is a type of economic system where the distribution of goods and services or the investment, production and the allocation of capital goods takes place according to economic plans that are either economy-wide or limited to a category of goods and services. What is this an example of: Australia will not import cat food from India because India does not have safety regulations on how the food is produced and the food they were buying is making cats sick What is this an example of: Italy is only allowed to import 500 Nike Shoes from China What is this an example of: The 5% tax placed on items being shipped from Brazil the United States Israel- conflict with neighboring countries, cost of building and maintaining national security, immigrates coming into the country Saudi Arabia- most of their income comes from oil, high unemployment rate, does not have many skilled -natives living in the country Turkey- country is in both Europe and Asia, wants to be part of the European Union due to trading with European countries- Turkey is considered a developing country so they are unable to join the EU What struggles do each of the three countries (Turkey, Israel, Saudi Arabia) face dealing with their economy Since Saudi Arabia became a country in 1932- what three economic systems have they had What country in the Middle East has the most diversified economy What type of economy do you find in Turkey, Israel, and Saudi Arabia No laws to make sure goods and services are safe No laws to protect workers from unfair bosses In a market economy with no government involvement what two things could occur Owns most property, Determines wages, Plans what will be made, Sets prices
In a command economy what four things does the government do How many true command economies are found in the world today How many true market economies are found in the world today Traditional- customs, traditions, beliefs of the past Command- based on government decisions Market- the changes in prices that occur as buys and sellers interact in the market place What are decisions based on in: Traditional economy, Command economy, and Market economy
#Iconomy command how to#
What to produce? How to produce? For whom to produce? What are the three economic questions that countries must answer when creating an economic plan
Organization of Petroleum Exporting Countries (OPEC) The value of all the final goods and services produced within a nation in a given year. The factories, machines, and technology that people use to make products to sellĬreative, original thinkers who are willing to take risks to create new businesses and products The knowledge and skills that make it possible for workers to earn a living producing goods or services
Something that is used as a medium of exchange- example: money The products that a country makes best and that one in demand on the world marketĪnything that slows down or prevents one country from exchanging goods with anotherĪ tax placed on goods when they are brought into one country from another county.Ī way of limiting the amount of foreign goods that can come into a countryĪ trade barrier in which one country announces that it will no longer trade with another country in order to isolate and causes problems with that country’s economy. A system by which business owners in a region use productive resources to provide goods and services that satisfy people’s wants.Īn economy in which a government planning groups makes most of the basic economic decisions for the workersĪn economy in which society’s economic decisions are made by individuals who decide what to produce and what to buyĪn economy in which most of the economic decisions that are made are based on custom and on the habit of how such decisions were made in the pastĪn economy that has characteristics of both market and command economic systems
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