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Communist/Command economy

Communist/Command economy. all important economic decisions are made by the government leaders. Primary economic activity. involve the production of foods and the extraction of resources (ex. Agriculture, fishing, logging). Secondary economic activity.

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Communist/Command economy

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  1. Communist/Command economy

  2. all important economic decisions are made by the government leaders.

  3. Primary economic activity

  4. involve the production of foods and the extraction of resources (ex. Agriculture, fishing, logging)

  5. Secondary economic activity

  6. the manufacture and production of goods. (ex. Making of textiles or furniture)

  7. Tertiary economic activity

  8. services performed by people and businesses ( ex. Teacher, nurse doctor, accountant, retailer)

  9. Quaternary economic activity

  10. consists of activities involving information processing and management (ex. Computer programmer, researcher)

  11. Infrastructure

  12. The investment a society makes into the community. (ex. Roads, power plants, telephone and internet lines)

  13. Cottage industry

  14. produce goods by hand – weave cloth, make furniture and clothes. (common in traditional societies)

  15. Free enterprise system (capitalism)

  16. an economic system where people own their own goods and property

  17. Socialist economy (socialism)

  18. an economic system where the most important business producing goods are owned by the government. (ex. Factories, mines, businesses)

  19. Profit

  20. what (the amount of money) remains after the costs of running the business are paid

  21. Traditional economy

  22. people do what their ancestors did – primarily agriculture. Centered around the family or tribe.

  23. Comparative advantage

  24. the advantage that one country has over another to produce a certain item (based on the resources it has available.)

  25. Outsourcing

  26. the process of a company hiring another company to perform some of its work.

  27. Globalization

  28. The creation of a single global economy and community

  29. Free trade zones

  30. groups of countries that have no tariffs (taxes) or quotas for member countries. (ex. NAFTA)

  31. Protective Tariffs

  32. taxes on imports that make the goods from another country more expensive than a product made in the home country.

  33. SEZ (Special Economic Zones)

  34. zones along the coast of southern Asia designed to attract foreign companies and investment to the country.

  35. Import

  36. Goods from foreign countries brought into a country for use or sale.

  37. Export

  38. Goods and services sold from one country to other countries.

  39. Supply

  40. how much of a good producers are willing to make and sell.

  41. Demand

  42. how much of a good consumers are willing to buy.

  43. Scarcity

  44. When there is not enough of what people want

  45. Entrepreneur

  46. People who bring together and organize all the other productive resources – usually a business owner.

  47. Human resources

  48. all the human labor that is required to produce something. including all the training, studying and planning as well as the work that is required to produce a good or service.

  49. Productive Resources

  50. Natural resources, Human resources, capital resources and entrepreneurship are all productive resources.

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