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Big Ideas Card

|Big Ideas of Lesson 5, Unit 4 |

| |

|An economic indicator is a piece of data that helps show the economic condition of a country. |

| |

|A better understanding of the countries of South America can be achieved by studying the economic systems and comparing the systems of various countries. |

| |

|Four basic economic questions every society must answer are: |

|What should be produced? |

|How will it be produced? |

|How will it be distributed? |

|Who will receive the benefits of production? |

Word Cards

Word Cards from previous lessons needed for this lesson:

• economic system – Word Card #4 from Lesson 1

|18. economy |19. traditional |

| |economy |

|a system for producing, distributing and consuming goods and services | |

| | |

|Example: Banks, factories and consumers all have a role in the economy. |goods and services are traded, but money is rarely exchanged; things are done |

| |as they have been done for years. |

|(SS060405) | |

| |Example: A traditional economy is more likely to be in a remote community in |

| |which people grow their own food and make their own goods. |

| |(SS060405) |

| | |

| | |

|20. barter |21. market economy |

| | |

| |what is produced and distributed is based on what consumers are willing to buy|

| |and the price they will pay |

|to trade | |

| |Example: In a market economy, the price people are willing to sell goods for |

| |depends on the price people are willing to pay. |

|Example: He bartered and traded a pencil for a ruler in the class barter | |

|game. |(SS060405) |

| | |

|(SS060405) | |

| | |

|22. command |23. mixed |

|economy |economy |

| | |

| | |

|a central authority plans and controls what is produced and distributed |a combination of command, traditional, and market economies |

| | |

|Example: In a command economy prices are set by the central authority. |Example: In countries with mixed economies, the government may own some |

|(SS060405) |industries while others belong to private owners. |

| |(SS060405) |

| 24. economic |25. Gross Domestic |

|Indicator |Product (GDP) |

| | |

| | |

|data that helps to show the economic condition of a country |the total value of all the goods and services produced in an economy in a |

| |given year |

| | |

|Example: The Gross Domestic Product is an example of an economic indicator. |Example: The Gross Domestic Product is an example of an economic indicator. |

| | |

|(SS060405) |(SS060405) |

|26. Per Capita Income |27. natural (land) |

| |resources |

|the amount of money people make in a country divided by the number of people | |

|in the country | |

| |productive resources that occur in nature |

|Example: In wealthy countries the Per Capita Income is high. | |

|(SS060405) |Example: Natural resources include water, soil, trees, and minerals. |

| | |

| | |

| |(SS060405) |

|28. life |29. literacy |

|expectancy | |

| | |

|the average life span of a newborn; life expectancy is an indicator of the |the ability to read and write |

|overall health of a country | |

| | |

|Example: The higher the life expectancy, the better economic shape a country |Example: Literacy is important because it affects people’s ability to prepare|

|is in. |for and hold jobs. |

|(SS060405) |(SS060405) |

Economic Indicators

| |Gross Domestic Product (GDP) $$ |Life Expectancy |Literacy Rate |

| | |Years |% |

|United States |47,000 |78 |99 |

|Argentina |14,200 |76 |97 |

|Brazil |10,100 |72 |89 |

|Venezuela |13,500 |74 |93 |

|World |10,400 |67 |82 |

Source:

The World Factbook. CIA. 6 June 2009 .

Natural Resources

|Country |Resources |

|Argentina |Oil, Natural Gas, Rich Soil, Uranium, Iron Ore, Fish, Coal |

|Brazil |Oil, Natural Gas, Iron Ore, Rich Soil, Diamonds, Gold, Coal, Fish, Forests |

|Venezuela |Oil, Natural Gas, Bauxite, Aluminum, Steel, Diamonds, Iron Ore, Fish |

Graphs of Economic Indicators

GDP-$$

|50,000 | | | | | |

|45,000 | | | | | |

|40,000 | | | | | |

|35,000 | | | | | |

|30,000 | | | | | |

|25,000 | | | | | |

|20,000 | | | | | |

|15,000 | | | | | |

|10,000 | | | | | |

|5,000 | | | | | |

|$$$ |Arg |Brz |Ven | | |

Life Expectancy-years

|85 | | | | | |

|80 | | | | | |

|75 | | | | | |

|70 | | | | | |

|65 | | | | | |

|60 | | | | | |

|55 | | | | | |

|50 | | | | | |

|45 | | | | | |

|40 | | | | | |

|years |Arg |Brz |Ven | | |

Literacy Rate-%

|100 | | | | | |

|95 | | | | | |

|90 | | | | | |

|85 | | | | | |

|80 | | | | | |

|75 | | | | | |

|70 | | | | | |

|65 | | | | | |

|60 | | | | | |

|55 | | | | | |

|% |Arg |Brz |Ven | | |

-----------------------

ECONOMIC

QUESTIONS

Who will receive the benefits of production?

HOW will

it be distributed?

HOW will

it be produced?

WHAT

should be produced?

In answering these questions, societies create an

ECONOMIC SYSTEM

Traditional

Market

Command

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