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Graphic Organizer

Word Cards

|73. economic |74. traditional |

|systems |economy |

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|different ways that people use resources to make and exchange goods and |goods and services are traded, but money is rarely exchanged |

|services | |

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

|Example: Bartering is the oldest economic system in the world. |in which people grow their own food and make their own goods. |

| |(SS060108) |

|(SS060108) | |

|75. barter | 76. market economy |

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| |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. |(SS060108) |

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|(SS060108) | |

|77. command | 78. mixed |

|economy |economy |

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

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

| |industries, while others belong to private owners. |

|(SS060108) |(SS060108) |

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| 79. economic |80. Gross Domestic |

|indicator |Product (GDP) |

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|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 |

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

|indicator. |indicator. |

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|(SS060108) |(SS060108) |

|81. Per Capita Income | 82. life |

| |expectancy |

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

|people in the country |the average life span of a newborn; life expectancy is an indicator of the|

| |overall health of a country |

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

| |Example: The higher the life expectancy, the better economic shape a |

|(SS060108) |country is in. |

| | |

| |(SS060108) |

|83. infant | 84. literacy |

|mortality | |

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| |the ability to read and write |

|the number of deaths of infants, one year or younger | |

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|Example: The infant mortality rate has continued to decline over the past|Example: Literacy is important because it affects people’s ability to |

|several years. |prepare for and hold jobs. |

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|(SS060108) |(SS060108) |

|85. developing |86. developed |

|countries |countries |

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|countries with less productive economies and a lower quality of life |countries with strong economies and a high quality of life |

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|Example: Almost two-thirds of the people in the world live in developing |Example: Developed countries like the United States and Germany have a |

|countries. |higher per capita GDP and high levels of industrialization. |

| | |

|(SS060108) |(SS060108) |

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TYPES OF ECONOMIC SYSTEMS

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|TRADITIONAL |MARKET |COMMAND |MIXED |

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COMPARING ECONOMIC DEVELOPMENT

Guided Notes

Directions: Use an atlas and the CIA World Factbook (online) to complete the chart below. Compare the economic development of two countries in the Western Hemisphere to that of the United States, Japan, and Germany to categorize them as developed or developing nations.

|Country |Status |GDP |GDP/ |Infant |Life Expectancy |Literacy |Economic |

| | | |Person |Mortality | |Rate |Activities |

| | | | | | | | |

| | | | | | | |fishing, manufacturing/ |

|United |developed |$13.84 |$45,800 |6.3 |78.1 |99% |commerce, stock raising, |

|States | |trillion | |(per 1000 live | | |agriculture |

| | | | |births) | | | |

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| | | | | | | |agriculture, |

|Germany |developed |$3.3 |$34,100 |4.03 |79.1 |99% |manufacturing/ |

| | |trillion | |(per 1000 live | | |commerce |

| | | | |births) | | | |

| | | | | | | | |

| | | | | | | |fishing, |

|Japan |developed |$4.3 |$33,500 |2.8 |82.07 |99% |agriculture, |

| | |trillion | |(per 1000 live | | |manufacturing/ |

| | | | |births) | | |commerce |

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

Mixed

Economy

Market

Economy

Command

Economy

Traditional

Economy

Four Basic Economic

Systems

Different

Economic

Systems

Nations are either developing or developed.

Geographers use economic indicators to measure economic development.

Big Ideas of Lesson 8, Unit 1

1. Economic systems are different ways that people use resources to make and

exchange goods and services.

2. There are four basic economic systems existing throughout the world.

3. The four economic systems used in the world are traditional, command,

market, and mixed.

4. Geographers look at figures such as literacy rate, life expectancy, and Gross

Domestic Product to measure economic development.

5. Some countries have a wide mix of economic activities, while others may have

only one or two main economic activities.

6. Geographers group the countries of the world into groups based on their level of economic development.

7. Countries are divided into 2 categories based on economic development:

developing or developed nations.

.

4. Mapmakers show Earth’s round surface on flat maps called projections.

5. Technology helps geographers understand Earth better.

6. Aerial photographs and satellite images provide current information about

Earth’s surface.

7. Geographic Information Systems (GIS) is computer-based mapping

technology which links geographical information to places.

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