Economic Systems WebQuest.doc.docx
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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.
In this lesson, you will compare several aspects of the economies of the United States (representing a market-oriented economy), China (representing a command economy), and Belgium. 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 |Belgium |China |
|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? | | | |
| | | | |
| | | | |
|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 | | | |
|Internet Service Providers | | | |
| | | | |
|Railways | | | |
|Paved Highways | | | |
|Airports with Paved Runways | | | |
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