1. Get out your CNN 10 worksheet

2. Ch. 2 Vocabulary Terms – Economic Systems

3. Economic Systems
An organized way a society provides for the wants and needs of its people.

4. What to produce? How to produce it? For whom to produce?.
The 3 Basic Economic Questions
What to produce? How to produce it? For whom to produce?.

5. - Traditional Economy - Mixed Economy - Communism - Capitalism
Write down each of these terms. Leave at least two lines between each term.
- Socialism
- Traditional Economy
- Mixed Economy
- Communism
- Capitalism
- Market Economy
- Command Economy

6. A central authority makes the major decisions about WHAT, HOW, and FOR WHOM to produce. This economy can be headed by a king, a dictator, a president, a tribal leader, or anyone else who makes the major economic decisions.
Command Economy

7. The economic system in which the basic economic questions are answered by custom and habit.
Traditional

8. Economic system in which individuals own the factors of production and answer the three basic questions.
Market Economy

9. The economic and political system in which factors of production are collectively owned and directed by the state; based on a theoretically classless society in which everyone works for the common good.
Communism

10. Economic system in which private individuals own and use the factors of production to generate profits.
Capitalism

11. An economic and political system where the government owns some, but not all of the factors of production (land, labor, capital, and entrepreneurship).
Socialism

12. The economic system that has some combination of traditional, command, and market economies.
Mixed Economy

13. A location or other mechanism that allows buyers and sellers to exchange a specific product.
Market

14. The three basic economic systems.

15. Traditional, Command, & Market

16. Shift of an economy, or part of an economy, from private to public ownership.
Nationalization

17. The conversion of government or state owned factories or other property into private ownership. .
Privatization

18. GDP on a per person basis and can be expressed in dollars.
GDP per-capita
GDP on a per person basis and can be expressed in dollars.

19. The number of people per square mile of land.
Population Density

21. Rankings of Nations according to Per-Capita GDP
1 Liechtenstein $139,100 2 Qatar $124,500 3 Monaco $115,700 4 Macau $111,600 5 Luxembourg $106,300 6 Bermuda $99,400 7 Singapore $93,900 8 Isle of Man $84,600 9 Brunei $78, Ireland $75, Norway $71, Falkland Islands (Islas Malvinas) $70, United Arab Emirates $67, Sint Maarten $66, Kuwait $66, Gibraltar $61, Hong Kong $61, Switzerland $61, United States $59, San Marino $58,600
Rankings of Nations according
to Per-Capita GDP

22. 21 Jersey $56, Saudi Arabia $54, Netherlands $53, Guernsey $52, Iceland $51, Sweden $51, Germany $50, Taiwan $50, Australia $50, Austria $49, Denmark $49, Andorra $49, Bahrain $48, Canada $48, Belgium $46, Saint Pierre and Miquelon $46, Oman $45, Finland $44, United Kingdom $44, Cayman Islands $43,800

23. 41 France $43, Japan $42, Malta $42, Greenland $41, European Union $40, Faroe Islands $40, Korea, South $39, New Zealand $38, Spain $38, Italy $38, Puerto Rico $37, Virgin Islands $37, Cyprus $37, Israel $36, Equatorial Guinea $36, Guam $35, Czechia $35, Slovenia $34, British Virgin Islands $34, Montserrat $34,000

24. Services are sold illegally.
Black Market
Market where goods and
Services are sold illegally.

25. The worst period of economic decline in the U.S. called?
The Great Depression

26. Forced common ownership of the factors of production
Forced common ownership of the factors of production. (used in the former Soviet Union)
Collectivization

27. Production process requiring large amounts of capital in relation to labor.
Capital-Intensive

28. The Four Economic Resources or Factors of Production.

29. Entrepreneurship, Capital, Land, and Labor.