Southeast Asia Economic Systems

What are the four types of economic systems?

• Market, Demand, Control, and Customs

• Gen X, Boomer, Communist, and Traditional

• Traditional, Pure Market, Pure Command

• Market, Command, Mixed, and Traditional

Which Southeast Asia country has the fastest growing economy in the last few decades?

• North Korea

• China

• Japan

• India

What are the three economic questions that every country must answer when developing an economic plan?

• How much will be produced?

  What type of economy will be established such as traditional, command or market.

  What color currency will be printed?

• What products will be passed down from generation to generation

  What customs will be inherited?

  What color flag will be produced?

• What goods/services will be produced?

  How will goods/services be produced?

  Who will consume the goods/services?

• What resources does a country have?

  How can they produce those resources for other countries?

  Who will be willing to produce the resources needed?

So, since there are no PURE-Command economies and no PURE-Market economies in the world, what type of economy do most democratic countries have?

• Mixed

• Traditional

• Command

• Communist

Since there are NO PURE command economies in the world, there are some countries that are close. Those countries are?

• Cuba, Former Soviet Union, North Korea, and former West Germany.

• Cuba, Former Soviet Union, North Korea, and former East Germany.

• Cuba, Former Vietnam, North Korea, and former East Germany.

• Cuba, Former Soviet Union, South Korea, and former East Germany.

In a market economy, the three economic questions are based on what?

• cheap prices

• What people want to see, but not what they want to buy

• availability of exports

• supply and demand

All the countries mentioned as being very close to a command economy had or still has what type of government?

• Democratic

• Socialistic

• Communist

• Republic

On the above economy continuum graph, where would the country of India be located

• Between a command and mixed economy

• Almost to a pure market economy

• Just slightly past the mixed economy

• Just left of the mixed economy

Look at the above economy continuum graph. Where on the graph would a country like the United States, Great Britain, and other successful democratic countries be located?

• Somewhere between a command and mixed economy

• In the middle of the graph at the Mixed area

• Mostly towards the Market economy, but not all the way

• Right at the pure market area of the graph

In a pure market economy, the government is in control of

• everything

• nothing

• somethings

• all factories and land