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Economics

Economics. How many basic types of economic systems are there? Name the economic systems. Which economic system do most textbooks say is the most common throughout the world? What is GDP (Gross Domestic Product)? What is Specialization?. Economics.

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Economics

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  1. Economics • How many basic types of economic systems are there? • Name the economic systems. • Which economic system do most textbooks say is the most common throughout the world? • What is GDP (Gross Domestic Product)? • What is Specialization?

  2. Economics • How many basic types of economic systems are there? • 4 • Name the economic systems. • Traditional, Command, Market, and Mixed • Which economic system do most textbooks say is the most common throughout the world? • Mixed. The GCEE states that a mixed economy is the blending of two different types of systems. • What is GDP (Gross Domestic Product)? • Is the market value of all officially recognized final goods and services produced within a country in a given period of time. GDP per capita is often considered an indicator of a country's standard of living

  3. Economics • What is GDP (Gross Domestic Product)? • Is the market value of all officially recognized final goods and services produced within a country in a given period of time. GDP per capita is often considered an indicator of a country's standard of living • What is Specialization? • A method of production where a business or area focuses on the production of a limited scope of products or services in order to gain greater degrees of productive efficiency within the entire system of businesses or areas.

  4. Economics • How many basic types of economic systems are there? • Name the economic systems. • Which economic system do most textbooks say is the most common throughout the world? • What is GDP (Gross Domestic Product)? • What is Specialization?

  5. Economic Systems Pure Market Pure Command Mixed Economy

  6. Economic Systems Pure Market Iran 45% Saudi Arabia 64% Israel 68% 0 100 Pure Command Mixed Economy

  7. Economic Systems Pure Market Nigeria 55% South Africa 64% 0 100 Pure Command Mixed Economy

  8. Economic Systems Pure Market North Korea 2% India 54% Japan 73% China 53% 0 100 Pure Command Mixed Economy

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