Economic Systems WebQuest.doc.docx - Couck's Class



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Economic Systems

First we need to take a moment to look at how economists categorize economies. A market economy is characterized by private ownership of the factors of production, and supply and demand are responsible for the price and allocation decisions. The United States, Hong Kong, and Germany are considered market economies. A command economy is characterized by government (or central) control ownership of the means of production, and with a central authority setting prices of goods and services and for most allocation decisions. North Korea and Cuba are command, or more specifically communist economies. A traditional economy is one which is not yet industrialized, but is developing. Chad, Ecuador, and Bangladesh are considered traditional nations.

In this lesson, you will compare several aspects of the economies of the United States (representing a market-oriented economy), North Korea (representing a command economy), and Chad (representing a traditional economy). Complete the Comparative Systems Worksheet below by going to the CIA World Factbook website () and find the information needed to complete the chart.

|Geography |United States |North Korea |Chad |

|Natural Resources – How many and what types | | | |

|of natural resources are available? | | | |

| | | | |

|Land Use – What percentage of the land is | | | |

|arable (capable of being farmed)? | | | |

|People | | | |

|Life Expectancy at Birth – How long are | | | |

|children born today expected to live? | | | |

|Total Fertility Rate – How many children | | | |

|does each woman have, on average? | | | |

|Literacy Rate – What percentage of people | | | |

|over the age of 15 can read and write? | | | |

|Government | | | |

|Government Type – How are leaders elected? | | | |

| | | | |

| | | | |

|Government Spending as Percentage of GDP | | | |

|(Budget Expenditures Divided by GDP) | | | |

|Military Spending as a Percentage of GDP | | | |

|Economy | | | |

|Economic Overview – What are the most | | | |

|serious economic problems facing each of | | | |

|these three nations? | | | |

| | | | |

| | | | |

|GDP Per Capita – What is the value of goods | | | |

|and services produced per person? | | | |

|Population Below Poverty Line – How many | | | |

|people live in poverty? | | | |

|GDP Composition by Sector – What percentage | | | |

|of GDP is industry and services? | | | |

|Labor Force by Occupation – What percentage | | | |

|of workers is in agriculture? | | | |

|Industries – What are the primary | | | |

|industries? Are they primarily producing | | | |

|for consumers or government consumption? | | | |

|Agriculture Products – What are the primary | | | |

|agricultural goods produced? | | | |

|Industrial Production Growth Rate | | | |

|Telephones – Main Lines in Use | | | |

|Internet Service Providers | | | |

| | | | |

|Railways | | | |

|Paved Highways | | | |

|Airports with Paved Runways | | | |

Assessment: Now that you have studied the economic characteristics of these three countries, define the terms market-oriented, command, and traditional economy in your own words. For each term, describe the specific characteristics of the countries you studied that would help to support your definition.

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